Investing.com - Oil prices rose on Friday after data revealed the U.S. economy expanded more than expected in the third quarter, which fueled hopes the country will demand more fuel and energy going forward.
On the New York Mercantile Exchange, light sweet crude futures for delivery in February traded at USD99.32 a barrel during U.S. trading, up 0.28%.
The commodity hit a session low of USD98.58 and a high of USD99.40. The February contract settled up 1.00% at USD99.04 a barrel on Thursday.
Oil futures were likely to find support at USD96.53 a barrel, Monday's low, and resistance at USD99.48 a barrel, Thursday's high.
The Commerce Department reported earlier that the U.S. gross domestic product expanded by 4.1% in the third quarter, well above consensus forecasts for 3.6% growth, which sent oil prices rising on hopes for faster economic recovery.
The Federal Reserve's Wednesday decision to trim its USD85 billion monthly bond-buying program by USD10 billion beginning in January bolstered prices as well by further stoking expectations for more pronounced economic growth down the road.
Thursday's sluggish economic indicators capped gains, however, allowing for choppy trading.
The Federal Reserve Bank of Philadelphia said on Thursday that its manufacturing index jumped to 7.0 for December from November’s 6.5 reading, though analysts were expecting the index to rise to 10.0 this month.
A separate report showed that U.S. existing home sales declined 4.3% to a seasonally adjusted 4.90 million units in November from 5.12 million in October. Analysts were expecting U.S. existing home sales to fall 1.5% to 5.03 million units last month.
Also on Thursday, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending Dec. 14 increased by 10,000 to a seasonally adjusted 379,000, the highest level since March.
Analysts were expecting U.S. jobless claims to fall to 334,000 last week from the previous week’s revised total of 369,000.
Meanwhile on the ICE Futures Exchange, Brent oil futures for February delivery were up 1.31% at USD111.74 a barrel, up USD12.42 from its U.S. counterpart.
On the New York Mercantile Exchange, light sweet crude futures for delivery in February traded at USD99.32 a barrel during U.S. trading, up 0.28%.
The commodity hit a session low of USD98.58 and a high of USD99.40. The February contract settled up 1.00% at USD99.04 a barrel on Thursday.
Oil futures were likely to find support at USD96.53 a barrel, Monday's low, and resistance at USD99.48 a barrel, Thursday's high.
The Commerce Department reported earlier that the U.S. gross domestic product expanded by 4.1% in the third quarter, well above consensus forecasts for 3.6% growth, which sent oil prices rising on hopes for faster economic recovery.
The Federal Reserve's Wednesday decision to trim its USD85 billion monthly bond-buying program by USD10 billion beginning in January bolstered prices as well by further stoking expectations for more pronounced economic growth down the road.
Thursday's sluggish economic indicators capped gains, however, allowing for choppy trading.
The Federal Reserve Bank of Philadelphia said on Thursday that its manufacturing index jumped to 7.0 for December from November’s 6.5 reading, though analysts were expecting the index to rise to 10.0 this month.
A separate report showed that U.S. existing home sales declined 4.3% to a seasonally adjusted 4.90 million units in November from 5.12 million in October. Analysts were expecting U.S. existing home sales to fall 1.5% to 5.03 million units last month.
Also on Thursday, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending Dec. 14 increased by 10,000 to a seasonally adjusted 379,000, the highest level since March.
Analysts were expecting U.S. jobless claims to fall to 334,000 last week from the previous week’s revised total of 369,000.
Meanwhile on the ICE Futures Exchange, Brent oil futures for February delivery were up 1.31% at USD111.74 a barrel, up USD12.42 from its U.S. counterpart.