Crude Hovers Below $72: Oil Alert

NEW YORK (TheStreet) -- Oil futures were moving slightly lower on Friday, a day after the contract nearly finished above $72.

Light, sweet crude for delivery in October was down 28 cents at $71.66 during electronic trading on the New York Mercantile Exchange this morning. The front-month contract settled at $71.94 on Thursday after adding 63 cents.

The week has seen crude prices push higher after settling near $68 at the end of last week. Dollar weakness has been a chief agent for the climb, but data and news added to the mix. This week, the Organization of Petroleum Exporting Countries agreed to maintain current production levels, while the International Energy Agency boosted global demand forecasts noting better growth in Asia and the U.S.

On Thursday, the Energy Department said crude inventories plunged by 5.9 million barrels last week, well more than the 1.8 million barrel drop many analysts anticipated.

Thursday found nearly all of the major oil stocks finishing in positive territory. Exxon Mobil(XOM Quote), Chevron(CVX Quote) and ConocoPhillips(COP Quote) gained 0.2%, 1.6% and 1.2%, respectively, by the close of trading.

Marathon Oil(MRO Quote) put on 60 cents at $32.29. Meanwhile, American depositary shares for Royal Dutch Shell(RDS.A Quote) changed hands at $58.60 at the end after adding 63 cents, though its ADSs were tracking lower in premarket action Friday.

-- Written by Sung Moss in New York

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