Oil Ends Week Over $109 a Barrel

2/24/2012 3:30:00 PM
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Oil extended its longest rally in two years, rising to finish the trading week over $109 a barrel, Bloomberg reported.

Crude futures rose for a seventh straight day, rising almost $2 to $109.77 a barrel on the New York Mercantile Exchange, the highest closing price since May 3, Bloomberg said.

Analysts surveyed by Bloomberg were split on whether the recent rapid increase in oil prices would continue into next week.

Diesel is now near $4 a gallon and gasoline prices have risen in eight of the past nine weeks.

The Department of Energy will release its weekly survey of retail fuel pump prices Monday afternoon in Washington.

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