Oil Prices Settle at $77 a Barrel

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The price of oil briefly surpassed $78 a barrel Friday and finished 4 percent higher for the week after Israeli attacks against Lebanese militants stoked fears of a wider Middle East conflict and possible oil-supply disruption, the Associated Press reports.


On Friday, light sweet crude for August delivery on the New York Mercantile Exchange soared as high as a record $78.40 a barrel in electronic trading before settling at a record $77.03, an increase of 33 cents from Thursday’s record close. Gasoline futures rose by 2.36 cents to settle at $2.3249 a gallon – the highest level since late September of last year, when U.S. refinery output was sharply curtailed by hurricane damage.



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