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You are here:  Home / Business News / Energy prices close week on high note

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Energy prices close week on high note

Published: Dec. 21, 2007 at 4:08 PM
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Today's Price of Crude Oil
Nymex Crude Oil
    106.52 -1.37 (-1.27% )
Quotes delayed at least 20 mins.
NEW YORK, Dec. 21 (UPI) -- Crude oil prices rose more than $2 Friday and topped $93 a barrel after a U.S. government report showed robust consumer spending in November.

Crude oil closed on the New York Mercantile Exchange at $93.31 a barrel, up $2.25.

The U.S. Commerce Department reported consumer spending increased 1.1 percent, helping to ally fears that oil demand from the world's largest crude consumer may slow.

"The market is pleased to see the (consumer spending) number came so strong," Edward Meir, an analyst at futures brokerage MF Global (NYSE:MF), told MarketWatch. "That means consumers are confident on economic outlook and job prospects, and they will buy more gas."

Gasoline prices rose 5.19 cents to $2.3795 a gallon and heating oil nosed up 1.96 cents to $2.6091 a gallon.

Natural gas rose 5.3 cents to $7.190 per million British thermal units.

At the pump, the average price for a gallon of unleaded gasoline was $2.980 Friday, down from the previous day's price of $2.985, the AAA Daily Fuel Gauge Report said.



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