Oil Rises Above $100, then Settles at $99

Reuters reported that after breaching $100 for the first time since the beginning of May, the price of US October crude ended the day at $99 due to concerns about high energy costs.

As quoted in the market news:

Front-month November Brent crude rose 78 cents to settle at $116.66 a barrel, after reaching $117.95, the highest since prices reached touched $118.45 on May 3.

Brent gained 2.1 percent for the week.

U.S. October crude, up 2.7 percent for the week, rose 69 cents to settle at $99 a barrel. U.S. crude reached $100.42, its first time over $100 since May 4 when it touched $102.72.

U.S. total crude trading volumes were a robust 51 percent above the 30-day average and outpaced Brent, which lagged its 30-day average by 6 percent.

Click here to read the full Reuters report.