WTI closes above $70 per barrel

Prices for crude oil, gasoline and heating oil were higher on Friday on supply concerns. Brent crude for July delivery added 66 cents to $71.18 per barrel to end at the same place it began the week. August contracts for West Texas Intermediate crude, meanwhile, ended the session at $1.11 to $70.68 per barrel on the New York Mercantile Exchange, a retreat from its high of the day. The last time WTI closed above $70 was on 31 August 2006.

Nymex August gasoline added 3 cents to $2.24 per gallon as the peak of the summer driving season approached. Meanwhile, Nymex August heating oil gained 2 cents to $2.04 per gallon. Supply concerns for winter are growing as stockpiles stand at 40 percent lower than last year. August contracts for Nymex natural gas were also higher, up 12 cents to $6.77 per million British thermal units.