Some analysts warn of $100-per-barrel oil

Oil prices hit a record close of $57.27 on Friday, as Venezuela closed the world’s biggest refinery for repairs and some analysts warned of $100-per-barrel oil. Gas prices also soared to records, both in wholesale trading and at the pump, with AAA reporting a national average of $2.16 a gallon. The energy news depressed consumer sentiment. The International Energy Agency advised oil-consuming nations to consider dipping into reserves.

Investment

Interest rates still hurting stock prices

Washington — Despite scoring their biggest single-day gain in four months on Wednesday, two of the three big stock benchmarks fell for the fourth week in a row. Disappointing job growth, higher prices for oil and whiffs of inflation continue to discourage investors.

But the big deterrent remains interest rates. Traders are so worried about higher rates that the market started to advance Friday on the report that the nation created fewer jobs than expected last month. The rationale was that weak growth reduces pressure on the Federal Reserve to raise rates.

The Dow Jones industrial average ended the week down 39 points, at 10,404.30. The Nasdaq composite index slipped 6 points, to 1984.81. The Standard & Poor’s 500-stock index advanced a little more than a point, to 1172.92.