Oil and gas prices held firm this week, with Brent Crude finishing the week above $101 and WTI heading towards the $87 level. The rises were largely due to a tightening of US sanctions on Iran, drastically reducing the amount of oil the Middle Eastern producer can export to world markets. The latest growth figures from China also reassured investors, as quarterly growth was on target at 7.6% compared to the same period last year, dampening fears that growth would fall below forecasts.
In the ETF market, the United States Oil Fund (NYSE: USO.US) was up by around 2.2% and the United States Natural Gas Fund (NYSE: UNG.US) was down by 2.7% when US markets opened on Friday, despite a small rise in natural gas prices during the week.
http://www.fool.co.uk/news/investing/2012/07/13/3-oil-gas-shares-that-soared-this-week.aspx
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