New York crude oil futures closed above 70 dollars the first time since August 2006 on Friday amid concern over supply.

Light, sweet crude for August delivery gained 1.11 dollars at 70.68 dollars a barrel on the New York Mercantile Exchange, closing above 70 dollars the first time since August 2006.

Brent crude for August delivery rose 89 cents to settle up at 71.41 dollars a barrel on the ICE Futures exchange in London.

U.S. commercial crude oil inventories increased last week while stockpiles of gasoline and distillate fuels shrank, the Energy Department reported Wednesday.

In the week ended June 22, the nation's gasoline supplies dropped by 700,000 barrels last week, defying analysts who had been expecting an increase of 1.1 million barrels.

Current levels of gasoline supplies are well below the lower end of average for this time of year. Gasoline supplies are closely watched as the summer driving peak is around the corner.