After four weeks of increases, the price of crude oil flattened this week, trading at around $71 a barrel, according to Bloomberg News.

Led by rising oil prices, stocks lifted 75 points in early June, with energy and financial companies posting the largest gains. The markets also rallied after data released in early June showed that the number of workers claiming unemployment benefits dropped for the first time this year.

Though most economic indicators are pointing upward, the demand for petroleum in the United States dropped 6 percent in the past four weeks. But traders are buying crude and other commodities as protection against possible inflation and a weaker dollar, said the Associated Press.

Crude oil prices have risen 60 percent this year and reached a seven-month high of $73.23 on June 11, Bloomberg said.