Crude oil futures rose Friday, ending the week at the highest level in more than three years.
Prices have surged due to a weak U.S. dollar, falling oil inventories, and OPEC’s supply quota deal with Russia. Political upheaval in Iran also helped oil’s rally.
Baker Hughes said U.S. 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 $64.30/bbl. Prices rose every day this week, and were up 5.7%.
The Commerce Department said retail sales increased by 0.4 percent in December after climbing by an upwardly revised 0.9 percent in November.
Economists had expected retail sales to rise by 0.4 percent compared to the 0.8 percent 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 percent in December after climbing by 0.4 in November. Economists had expected prices to rise by 0.2 percent.
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