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Crude Holds Gains On US growth; Heads For Biggest Weekly Gain Since July

ByICN.com
Published 12/06/2013, 05:06 AM
Updated 07/09/2023, 06:31 AM

Crude oil fell slightly on Friday but still holds to gains heading for the biggest weekly gain in five months after the US posted the fastest economic growth since the start of 2012 improving the outlook for oil demand from the world`s top oil consumer.

The US economy, which may account for about 21% of global demand this year, grew faster than initially estimated in the third quarter. This also improves the outlook for the non-farm payrolls data scheduled for later today.

“The immediate focus for oil traders will now be the US dollar and the non-farm payroll figures”, said Ric Spooner from CMC Markets in Sydney.

Also supporting prices is the decline seen this week in crude inventories. The Energy Information Administration data showed that crude stockpiles fell last week for the first time in 11 weeks by 5.59 million barrels as refiners boosted processing.

If the US economic data will turn out to be stronger than expected on Friday, crude may fall next week since the data will prompt the Federal Reserve to start curbing its bond buying program at its next meeting on December 17-18, which will trigger risk aversion.

- WTI crude oil futures for January is trading around $ 97.35 a barrel after falling $0.03

- Brent futures for January settlement is trading around $ 111.29 a barrel after rising $0.31

- Natural gas is trading at $ 4.134 per cubic feet after rising 0.05%

- Gasoline is trading at $ 2.7195 per cubic feet after rising 0.25%

- Heating oil (diesel) is trading at $ 3.0579 a gallon after rising 0.27%

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