Crude ends modestly higher

Prices also gain on weekly basis as IEA holds on to further release of supply

September crude oil settled higher by 0.8% to $98.87 at Nymex on Friday,22 July 2011 Crude oil futures for light and sweet crude oil spent the session rallying off their lows, at $98.43, and eventually traded back above the $100 level where they put in highs at $100.19 per barrel.

On the week, crude rallied for 2.7%, and posted gains for the fourth week in a row. Crude also benefited this week from a decision from the International Energy Association not to release further stockpiles for now.



The dollar rose against the euro on Friday, clawing back part of the prior session's losses as initial euphoria over fresh aid for Greece faded and as investors considered other risks in Europe. The dollar index, which tracks the U.S. unit's performance against a basket of six other currencies, rose by 0.33%.

Among other energy products on Friday, gasoline for August delivery added 3 cents, or 1%, to settle at $3.13 a gallon. August heating oil added 3 cents, or 0.9%, to $3.13 a gallon.

Aug natural gas finished near flat at $4.39 per MMBtu.