Crude prices rise but remain below record

Crude oil prices rose again on Friday as the US dollar weakened as well as on continuing concerns about supplies.

The supply worries revolve around fears that non-OPEC production will not be able to keep up with demand as analysts have forecast that production by nations not belonging to the Organization of Petroleum Exporting Countries will remain below 50 million barrels per day this year.

New data, however, emphasized declines in US demand in showing that highway miles driven in March in the United States were down 4.3 percent from the same period last year.

Demand could erode in Asia as well if prices stay high, according to some forecasts.

July contracts for West Texas Intermediate crude were up $1.31 to $132.12 per barrel at the close of floor trade on the New York Mercantile Exchange, for a gain of 4.6 percent on the week, while Brent crude added 77 cents to $131.28 per barrel on the ICE Futures Europe Exchange in London.

Nymex June gasoline futures added almost 7 cents to $3.39 per gallon, just below yesterday’s record, while at-the pump prices for regular unleaded gasoline were up 4.4 cents overnight to $3.875 per gallon on average nationally in the United States.

US markets will close to floor trade on Monday in observance of Memorial Day.