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Oil prices continue to climb

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By The Associated Press
Saturday, July 6, 2013, 12:01 a.m.

The price of oil marched higher Friday with a positive report on hiring and ongoing concerns about the crisis in Egypt.

Benchmark crude for August delivery rose $1.98, or 2 percent, to finish at $103.22 per barrel on the New York Mercantile Exchange. That's the highest closing price since May 2, 2012.

Egypt is not an oil-producer, but its control of the Suez Canal, one of the world's busiest shipping lanes, gives it a crucial role in maintaining global energy supplies. For now, supplies are moving freely through the canal.

At the pump, the national average for a gallon of gas stayed at $3.48 for the third straight day. That's down 14 cents from a month ago and 14 cents higher than a year ago.

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