Oil prices have steadily inched upward, buoyed by a surprising drop in U.S. crude inventories, stronger than anticipated retail sales, and the heightening tensions in Iran.
Benchmark crude for September delivery rose $1.27 to finish at $95.60 per barrel in New York on Thursday. On the heels of the Commerce Department report Wednesday on retail sales, oil rose 90 cents, finishing at $94.33 a barrel, near three-month highs. Brent crude also rose, closing the day up 35 cents at $114.63.
Oil prices slipped a little Friday, but remained above $95 a barrel in morning trading. They fell on news that the Obama administration may release oil reserves to slow the oil price climb. Oil is up 23% since late June.