Updated from 2:20 p.m. EDT
Crude futures closed at an all-time high Friday, energized by week-long trading momentum, a strong U.S. jobs report and the continuing takedown of the greenback.
December light sweet crude futures closed up $2.44 to $95.93 a barrel at the New York Mercantile Exchange . Reformulated gasoline jumped 10 cents to $2.44 a gallon, and heating oil was 6 cents higher at $2.57 a gallon.
Natural gas futures slid 22 cents to $8.42 per million British thermal units.
While crude oil's momentum has trended upward all week, the market has seen volatile swings in both directions, the likes of which some analysts say have never been seen before. On Wednesday alone, crude oil swung within a $5 range, topping out at $96.24 in overnight trading Thursday.
"The random nature of trade in crude oil has us greatly concerned, for we've not seen -- nor has anyone elsewhere seen -- movements such as we've seen in the past four days," Dennis Gartman, publisher of the
, wrote in his newsletter. "The markets are not now driven by fundamental supply/demand news, but instead are being driven by speculative greed and fear."
Helping boost crude prices was a Labor Department report that the economy added 166,000 new jobs in October. Since oil is considered a major feedstock for economic activity, crude prices tend to rise on signs of economic growth.
Also relevant was the U.S. dollar, which fell to a new all-time low of $1.4528 to the euro. Because oil is denominated in dollars, the price-per-barrel of crude oil rises when the value of the dollar falls.
Meanwhile, energy stocks were mostly higher. Shares of
was up 2.6% at $78.39.
has advanced 3.5% to $59.68, but
has edged 0.6% lower to $87.93.