WTI up on day, down for week

Oil prices were up on Friday after OPEC agreed to keep oil production at current levels. Supplies are expected to continue to tighten as refinery utilization dropped to 85.6 last week, and the International Energy Agency said that OPEC supplies will need to go up later in the year to deal with increased demand.

Brent crude for May delivery was up 60 cents to $61.28 per barrel on the day Friday and added 0.3 percent for the week. Meanwhile, April contracts for West Texas Intermediate crude added 25 cents to $57.80 per barrel on the day but dropped 3.8 percent during the week. Nymex April RBOB gasoline gained 1.3 percent to $1.9273 per gallon this week.