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Oil finished the trading week over $112 a barrel and the Obama administration will examine the role of traders and speculators in oil markets and their contribution to high fuel prices, Bloomberg reported.

Oil rose to just over $107 a barrel Wednesday following a Department of Energy reported that showed gasoline inventories last week took their biggest drop in 12 years, Bloomberg reported.

Oil prices continued to spike Friday, jumping $2.49 to finish the trading week over $112 a barrel on continued concerns over Libya’s civil conflict, Bloomberg reported.

Oil rose 49 cents Wednesday to a new 30-month high, closing the trading day at $108.83 a barrel on the New York Mercantile Exchange, Bloomberg reported.

Oil closed at more than $108 a barrel Monday, its highest level in 30 months, as Libyan fighting centered near a key Mediterranean oil port, Bloomberg reported.

Oil slipped slightly from this week’s highest closing price in two-and-a-half years but finished the week near that level over $105 a barrel, Bloomberg reported.