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Oil ends week slightly higher after recent drops

The price of oil rose above $88 a barrel on Friday as traders cautiously returned to commodity markets following sharp sell-offs this week.
By The Associated Press Modified: April 19, 2013 at 9:55 pm •  Published: April 20, 2013
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In brief

Oil ends week on high note

The price of oil rose above $88 a barrel on Friday as traders cautiously returned to commodity markets following sharp sell-offs this week.

Benchmark crude for May delivery rose 28 cents to finish at $88.01 a barrel on the New York Mercantile Exchange.

Crude has lost about $9 a barrel since the beginning of the month, as various reports highlighted slower growth in China and still-sluggish growth in the U.S. and elsewhere, while supplies remained high.

At the same time investors sold off gold, silver and other commodities, and looked to the stock market for better returns. The stock market had a volatile week as many of those investors bought and sold shares, looking to consolidate their positions.

Analysts said relatively low prices for oil and a weaker dollar rekindled interest among buyers.

Prices were also supported by the possibility that oil-producing countries could reduce output.

Associated Press