Oil futures settled above $61 a barrel Friday and finished 40 percent higher than they started in 2005, capping a tough year for energy consumers but a great one for the petroleum industry as prices soared amid strong demand and tight supplies.
Light sweet crude for February delivery rose 72 cents to settle at $61.04 a barrel on the New York Mercantile Exchange, which closed at 1 p.m. in a shortened session ahead of the New Year’s holiday weekend. Nymex trading will resume Jan. 3.
