Crude oil prices rise on day, decline over week

Crude oil prices were up on Friday but declined over the week as supplies remained limited. While gasoline stockpiles have gone up the past four weeks in a row, inventories are still 7 percent below their level last year at this time. New data from the Energy Information Administration showed Thursday that refinery utilization remained at 91.1 percent for the second week in a row, even though it had been expected to rise, while demand was up 4.1 percent compared to last year at the same time.

While some refineries that had been closed reported that they were starting up again, there were new reports of problems at two refineries in Texas, while a pipeline that carries petroleum products from the Gulf region to New York was closed. More trouble in Nigeria also contributed to nervousness about supplies.

July contracts for Brent crude added 58 cents on the session to $68.62 per barrel, a decline of 2.9 percent during the week. West Texas Intermediate crude for July delivery was up 80 cents to $64.81 per barrel but also declined for the week as a whole, falling by 0.6 percent. Nymex gasoline futures were down 3.9 percent over the week, but that partly had to do with the expiration of June contracts at the close of trade on Thursday. Nymex July gasoline added 2.8 cents to $2.231 per gallon on the day.