Crude oil is trading near $87 a barrel for the first time in two years. On the New York Mercantile Exchange Friday, the price of a barrel of oil reached above the $87 mark, a gain of more than a dollar for the day.
The price of oil settled at $86.99 per barrel on the NYMEX Friday after a week’s worth of gains.
The price of oil is being supported by a belief that the economy is improving, spurred by improved employment numbers.
Additionally, the value of the US dollar fell this week, which prompts investment in oil. While international investors see a value incentive when the value of the greenback drops, US investors tend to put their money in hard assets as insurance against inflation.
Oil was further buoyed by larger-than-expected drops in US fuel stockpiles reported earlier this week.
