Crude Oil Prices Rose Every Day This Week

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WASHINGTON (Alliance News) - Crude oil futures rose Friday, ending the week at the highest level in more than three years.

Prices have surged due to a weak US dollar, falling oil inventories, and OPEC's supply quota deal with Russia. Political upheaval in Iran also helped oil's rally.

Baker Hughes said US energy companies added 10 oil rigs this week, the biggest increase since June, in response the the rally in oil prices. It the first weekly rise in five weeks.

Feb. WTI oil rose 50 cents, or 0.8%, to settle USD64.30/bbl. Prices rose every day this week, and were up 5.7%.

The Commerce Department said retail sales increased by 0.4% in December after climbing by an upwardly revised 0.9% in November.

Economists had expected retail sales to rise by 0.4% compared to the 0.8% increase originally reported for the previous month.

A separate report from the Labor Department showed consumer prices rose by less than expected in December, reflecting a sharp pullback in energy prices.

The consumer price index inched up by 0.1% in December after climbing by 0.4 in November. Economists had expected prices to rise by 0.2%.

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