Reply #56: Oil futures rise to a 1-week high above $64 (@ $64.40 bbl)

[UpInArms]

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BDB19DC74%2D115F%2D4A93%2D83F5%2DA8E6048F3DA5%7D&dist=newsfinder&symbol=&siteid=mktw

SAN FRANCISCO (MarketWatch) -- Crude-oil futures climbed above $64 a barrel Friday morning to their highest level in a week, as ongoing civil unrest in Nigeria and refinery maintenance in the United States fueled concerns about petroleum supplies.

Crude for May delivery climbed as high as $64.60 a barrel on the New York Mercantile Exchange, a level not seen since March 17, when prices closed at $64.20.

The contract added 3.5% on Thursday in what traders said was a delayed reaction to a surprise drop in crude supplies reported by the Energy Department on Wednesday. See full story.

April unleaded gasoline was also up 2.69 cents at $1.843 a gallon, trading below last week's close of $1.8601. and April heating oil added 1.86 cents to $1.805 a gallon, trading above the week-ago level.

Oil prices strengthened on renewed reports of supply disruptions in Africa's largest oil producer, Nigeria, said Matthew Parry, an economist at Moody's Economy.com.

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