Investing.com - Crude oil futures firmed in U.S. trading on Friday after consumer sentiment data beat expectations and hit a five-year high.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at USD85.50 a barrel on Friday, up 0.48%, off from a session high of USD86.76 and up from an earlier session low of USD84.14.
The Thomson Reuters/University of Michigan preliminary consumer sentiment index hit 84.9 for November, up from 82.6 in October.
The number beat a median forecast of 83.0.
The news sent oil prices soaring on expectations for a stronger U.S. economy that will demand more fuels and energy going forward, though profit-taking erase5 some of the commodity's earlier gains.
Oil also saw support after data revealed that Chinese industrial production rose by 9.6% in October, outpacing expectations for a 9.4% increase an up above a 9.2% rise in September.
Soft industrial output figures out of Europe weighed on oil's gains.
French industrial production fell 2.7% in September, way more than market calls for a 1% decline, and off from 1.9% gain in August.
In Italy, industrial production dropped 1.5% in September, slightly worse than expectations for a 1.4% drop and way below a 1.7% increase in August.
On the ICE Futures Exchange, Brent oil futures for December delivery were up 1.31% and trading at USD108.66 a barrel, up USD23.16 from its U.S. counterpart.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at USD85.50 a barrel on Friday, up 0.48%, off from a session high of USD86.76 and up from an earlier session low of USD84.14.
The Thomson Reuters/University of Michigan preliminary consumer sentiment index hit 84.9 for November, up from 82.6 in October.
The number beat a median forecast of 83.0.
The news sent oil prices soaring on expectations for a stronger U.S. economy that will demand more fuels and energy going forward, though profit-taking erase5 some of the commodity's earlier gains.
Oil also saw support after data revealed that Chinese industrial production rose by 9.6% in October, outpacing expectations for a 9.4% increase an up above a 9.2% rise in September.
Soft industrial output figures out of Europe weighed on oil's gains.
French industrial production fell 2.7% in September, way more than market calls for a 1% decline, and off from 1.9% gain in August.
In Italy, industrial production dropped 1.5% in September, slightly worse than expectations for a 1.4% drop and way below a 1.7% increase in August.
On the ICE Futures Exchange, Brent oil futures for December delivery were up 1.31% and trading at USD108.66 a barrel, up USD23.16 from its U.S. counterpart.