Investing.com - U.S. crude oil prices shot up on Wednesday after the U.S. government reported earlier that the world's largest economy grew more than expected in the second quarter.
On the New York Mercantile Exchange, light sweet crude futures for delivery in September traded at USD104.65 a barrel during U.S. afternoon trading, up 1.52%.
The September contract settled down 1.41% at USD103.08 a barrel on Tuesday.
The Bureau of Economic Analysis reported earlier that the U.S. gross domestic product grew at an annual rate of 1.7% in the three months to June, shooting past expectations for a 1.0% reading
The report showed personal consumption grew 1.8% in the second quarter, above expectations for 1.6%. Consumer spending typically accounts for nearly 70% of U.S. economic growth.
Separately, payroll processing firm ADP said non-farm private employers created 200,000 jobs in July, above expectations for an increase of 180,000.
Data also showed that the Chicago purchasing managers' index rose less than expected in July, hitting 52.3 from 51.6 in June. Analysts had expected the index to rise to 54.0 for July.
The collective indicators painted a picture of an expanding U.S. economy that will demand more energy and fuels going forward.
Elsewhere, the U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose 431,000 barrels in the week ended July 26, missing expectations for a decline of 2.31 million barrels.
Total U.S. crude oil inventories stood at 364.6 million barrels as of last week.
The report also showed that total motor gasoline inventories increased by 770,000 barrels, confounding expectations for a decline of 838,000 barrels.
On the ICE Futures Exchange, Brent oil futures for September delivery were up 0.35% at USD107.29 a barrel, up USD2.64 from its U.S. counterpart.
On the New York Mercantile Exchange, light sweet crude futures for delivery in September traded at USD104.65 a barrel during U.S. afternoon trading, up 1.52%.
The September contract settled down 1.41% at USD103.08 a barrel on Tuesday.
The Bureau of Economic Analysis reported earlier that the U.S. gross domestic product grew at an annual rate of 1.7% in the three months to June, shooting past expectations for a 1.0% reading
The report showed personal consumption grew 1.8% in the second quarter, above expectations for 1.6%. Consumer spending typically accounts for nearly 70% of U.S. economic growth.
Separately, payroll processing firm ADP said non-farm private employers created 200,000 jobs in July, above expectations for an increase of 180,000.
Data also showed that the Chicago purchasing managers' index rose less than expected in July, hitting 52.3 from 51.6 in June. Analysts had expected the index to rise to 54.0 for July.
The collective indicators painted a picture of an expanding U.S. economy that will demand more energy and fuels going forward.
Elsewhere, the U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose 431,000 barrels in the week ended July 26, missing expectations for a decline of 2.31 million barrels.
Total U.S. crude oil inventories stood at 364.6 million barrels as of last week.
The report also showed that total motor gasoline inventories increased by 770,000 barrels, confounding expectations for a decline of 838,000 barrels.
On the ICE Futures Exchange, Brent oil futures for September delivery were up 0.35% at USD107.29 a barrel, up USD2.64 from its U.S. counterpart.