Crude gains following comments from European leaders

Prices register weekly losses though Crude oil futures extended gains on Friday, 27 July 2012 at Nymex spurred by optimism about the euro zone as two heads of state pledged to save the single currency. Light and sweet crude for September delivery rose 74 cents, or 0.8%, to settle at $90.13 a barrel on the New York Mercantile Exchange. Prices earlier seesawed between small gains and losses as investors were disappointed with data on the U.S. economy. On the week, however, oil lost 1.3%. On Friday, German Chancellor Angela Merkel and French President Francois Hollande said they were determined to do “everything possible to protect the euro zone.” Their comments, and Draghi's previous comments, supported the euro and pressured the dollar. In the currency market on Friday, the U.S. dollar index, which weighs the strength of the dollar against a basket of six other currencies fell by 0.4%. Among economic data expected for the day on Friday, advanced GDP for the second quarter suggested the economy grew at a 1.5% rate when an increase of 1.2% had been expected. The first quarter chain deflator reportedly increased by 1.6%, which is what had been anticipated. Among other energy products on Monday, August gasoline rose 7 cents, or 2.6%, to $2.89 a gallon. Gasoline declined 1.7% on the week. August heating oil rose 2 cents, or 0.7%, to $2.89 a gallon. Prices lost 1% on the week. August natural gas bucked the trend, down 10 cents, or 3.1%, at $3.01 per million British thermal units. Natural gas stumbled 2.3% on the week.