Crude prices up on week but still can’t stay above $60

Crude oil prices were mixed on Friday, with West Texas Intermediate rising above the $60 level for a time before falling back during the session to $59.87 per barrel on the New York Mercantile Exchange, a gain of 16 cents. WTI added 1.4 percent over the week. Brent crude, however, dropped 11 cents on the day to $58.67 per barrel. The price for Brent gained 0.9 percent on the week. The price gains were attributed to coverage of short positions as well as to evidence that OPEC’s production cuts are beginning to have an effect on the market.

Cold weather sent the price of heating oil and natural gas higher this week, as well. Nymex March heating oil added 2.5 percent over the week to $1.726 per gallon, while Nymex March Henry Hub was 1.5 percent higher to $1.726 per gallon.