Also on Friday, it was announced that U.S. retail sales rose 0.4% in April, to $366.4 billion the seventh straight month sales have risen.
Pressure on the euro continued even though European leaders last weekend agreed on a nearly $1 trillion package to back euro zone members and the European Central Bank reversed its earlier position and agreed to buy member's government bonds to counter selling pressure in international bond markets.
While the oil spill in the Gulf of Mexico has seemed to have little direct effect on prices, President Barack Obama pledged on Friday that the U.S. government would review its regulatory procedures for oil companies in the wake of the accident.
Earlier in the week, the administration said it would split up the government agency responsible for offshore drilling so that supervisory and enforcement responsibilities would be separate from leasing and revenue collection.
By. Darrell Delamaide for Oilprice.com
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
