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Crude oil prices gained slightly on Friday and extended a three-week closing high. An encouraging trade balance report boosted hopes for energy demand.
Light sweet crude oil for November delivery closed at $71.77 per barrel, up 8 cents on the session. Prices touched as high as $72.35 and as low as $70.62.
The dollar strengthened as Federal Reserve Chairman Ben Bernanke reiterated last night that low interest rates will likely remain in effect for the foreseeable future.
A Commerce Department report showed that the trade deficit narrowed to $30.7 billion in August from a revised $31.9 billion in July. Economists had been expecting the deficit to widen to $33.0 billion compared to the $32.0 billion originally reported for the previous month.
The International Energy Agency increaased its demand forecast for 2010 to 1.42 million barrels per day , an increase of 150,000 bpd from its previous forecast.
The IEA forecasts world oil demand to average 86.05 million bpd next year. For 2009, it expects demand to average 84.63 million bpd.
For the week, crude closed up $1.82 per barrel, boosted by a gain of $2.12 on Thursday. This erased the losses from Wednesday when oil fell on a larger-than-expected build in gasoline inventories.
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