Tampa, FL -- Oil prices continued to increase last week as investor optimism about the economic recovery drove prices higher coupled with momentum from a weakened U.S. dollar, according to a AAA release.

Better forecast earnings for Citigroup Inc. and Google Inc. eased investor concern about the U.S. borrowing limit, pushing oil prices to close Friday at $97.49 a barrel on the New York Mercantile Exchange—$1.29 more than the week prior. 

However, it was concerns about the national debt situation and U.S. credit rating that decreased the value of the dollar and helped keep oil prices elevated. 

Investors remain positive the U.S. economy will start to rebound despite an increased unemployment rate, decreased fuel demand, and low consumer sentiment.

Tampa, FL -- Oil prices rose last week after investors speculated that a substantial decrease in U.S. stockpiles of crude during the first week of July would mean increased fuel demand and the start of an economic rebound.

Crude stockpiles were projected to drop 2.5 million barrels in early July, boosting investor optimism which caused oil prices to settle Friday $1.26 more than the previous week at $96.20 a barrel on the New York Mercantile Exchange, according to AAA.

However, a recent report from the Department of Energy showed U.S. stockpiles dropped much less than initially projected at approximately 890,000 barrels the first week of July.