Crude prices up on day, mixed for week

Crude oil prices were higher on Friday even though reports were that a strike in Nigeria has not interrupted oil shipments, as traders worried that disruptions could still materialize. Also tending to send prices higher was a statement from OPEC member Saudi Arabia earlier in the week that it will not increase production in July, which analysts have taken to mean that output will not go up in August or September either.

July contracts for Brent crude on the Intercontinental Exchange added $1.10 to $71.32 per barrel, while West Texas Intermediate Crude for August delivery were 63 cents higher to $69.28 per barrel on the New York Mercantile Exchange. WTI prices were up 1.9 percent on the week, but the price for Brent fell 0.2 percent over the week. In addition, Nymex July gasoline was up 2 cents on the day to $2.2670 per gallon, a gain of 0.3 percent this week.