Crude oil prices closed in on $100 per barrel in New York Friday after the International Energy Agency said demand was outstripping supplies.
"There are growing signs that the rise in oil prices since September is affecting the economic recovery by widening global imbalances," the governing board of the agency said in a statement.
"As global demand for oil increases seasonally from May to August, there is a clear, urgent need for additional supplies on a more competitive basis to be made available to refiners to prevent a further tightening of the market," said the agency, which is based in London and tracks energy concerns for 28 countries.
On the New York Mercantile Exchange Friday, June delivery oil added 98 cents to $99.91 per barrel. Home heating oil prices shed 0.3 cents to $2.9317 per gallon. Reformulated blendstock gasoline prices rose 0.85 cents to $2.9288 per gallon. Henry Hub natural gas prices rose 3.1 cents to $4.261 per million British thermal units.
At the pump, the national average price of unleaded gasoline fell to $3.886 per gallon Friday from Thursday's $3.905, AAA said.