WTI rises above Brent crude price

Crude oil prices were higher on Friday and West Texas Intermediate Crude topped Brent crude for the first time since February.

At just past 3 p.m. local time, WTI September contracts had added $2.07 to $77.02 per barrel on the New York Mercantile Exchange.

Meanwhile, Brent crude for September delivery was 62 cents higher to $75.80 per barrel at the end of the trading day in London on the Intercontinental Exchange, a decline of 2.3 percent from the contract’s price at the beginning of the week.

While the IMF warned that there is still a risk of oil prices rising, OPEC continued to insist that the current high prices were not having an effect on the global economy.

In late afternoon trade in New York, August gasoline had added 3 cents $2.10 per gallon, while September heating oil gained 4 cents to $2.09 per gallon and September natural gas was up 13 cents to $6.21 per million British thermal units.