Crude ends at highest level in nine months

Good weekly gains for crude for the second consecutive week

Crude-oil futures at Nymex rose on Friday, 17 February 2012 to their highest level in nine months due to lingering geopolitical worries and ongoing Greek fiscal drama. Recent data showing improvement in the U.S. job, housing and manufacturing markets also helped move crude along, as did renewed optimism Greece will receive what it needs to avoid a disorderly default.

Light and sweet crude for March delivery rose 93 cents, or 0.9%, to end at $103.24 a barrel on the New York Mercantile Exchange. Oil gained 4.6% this week, advancing for two consecutive weeks.

There were reports that European leaders were moving closer to securing a second bailout for Greece, despite apparent friction between that country and Germany.




Data released Friday from the U.S. Labor Department showed that consumer prices for January rose a seasonally adjusted 0.2%, slightly below expectations of a 0.3% increase, but the biggest increase since September, 2011.

Among other products in the energy market, March gasoline declined 3 cents, or 1%, to $3.02 a gallon, while heating oil for the same month's delivery declined 2 cents, or 0.7%, to $3.19 a gallon. On the week, gasoline futures rose 1.4%, and heating oil gained 0.2%.