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Weekly Crude oil Review

Light Sweet Crude Oil futures for July delivery, the most actively traded contract, gained $0.83 or 0.8 percent to close at $107.30 a barrel on the New York Mercantile Exchange Friday. Crude prices for July delivery scaled a high of $107.73 a barrel intraday and a low of $106.33.

U.S. crude oil ended higher for a second straight session on Friday, with the situation in Iraq continuing to deteriorate amid concerns over disruption in oil supplies. Investors continued to keep a close watch on the developments in Iraq where militants are reportedly engaged in fierce fighting for the Beiji oil refinery and Tal Afar airport.

Meanwhile, President Barack Obama has decided to deploy US military personnel to advise the Iraqi security forces, while making it clear that Iraq`s problems cannot be resolved through American action or through military force alone.


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