Crude Oil Futures Falter

Updated from 1:47 p.m. EST

Energy futures moved slightly lower Friday as traders took profits at the end of a weeklong run-up in commodity prices.

Crude oil slid 36 cents to $61.64 per barrel at the New York Mercantile Exchange. Reformulated gasoline was down 2 cents to $1.89 a gallon, and heating oil was fractionally lower at $1.77 a gallon.

The near-term natural gas contract closed down 5 cents at $7.24 per million British thermal units.

Crude oil ended the session 1% higher than where it opened at the beginning of the week. Some analysts say that prices have been pushed upward by the rising price of gasoline, which has jumped 7% from its Monday opening price at the Nymex.

Crude prices spent the majority of the week well above the former resistance level of $61. According to a report by Barclays Capital, analysts now see $62.50 as a key upside level for crude oil, after which futures could build momentum toward $65.50.

Gasoline inventories have fallen for three weeks in a row, pushing RBOB gasoline prices steadily higher. Over the last four weeks, motor gasoline demand has averaged 3.6% above the same period last year, according to the Energy Information Administration.

Additionally, gasoline prices are up because traders are seeking guidance from market activity in previous years, according to Jim Williams, energy economist at WTRG Economics in London, Ark.

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