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Oil Price To End 2011 Near $100 A Barrel

David McNew/Getty Images

NEW YORK (AP) — The price of oil will finish 2011 about 8 percent higher, after concerns about tighter global supplies dominated energy markets throughout the year.

Benchmark crude, which on Friday fell 30 cents to $99.35 per barrel in New York, started the year at $91.38 per barrel. Prices surged in February as unrest in Libya cut off 1.5 million barrels of oil exports. After a summertime slump, they rose to $100 per barrel following threats from Iran to close key shipping lanes in the Persian Gulf.

Rising oil prices drove gasoline prices higher as well. Motorists in many U.S. cities had to pay more than $4 per gallon earlier this year.

Pump prices have since dropped and were at a national average of $3.27 per gallon on Friday.

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