Crude oil is trading near the highest price in two months after data revealed that the U.S. economy grew faster than projected in the third quarter, increasing optimism about the economic outlook in the world’s largest oil consumer.
People are looking to a pretty solid year of moderate to improving economic growth around the world, led by the US. “It’s looking as though the market has got the potential to move a bit higher from here”, said Ric Spooner from CMC Markets in Sydney.
Also giving support to oil prices were comments from the International Monetary Fund Managing Director Christine Lagarde who said that the institution is raising its outlook for the US economy after the GDP rose by 4.1% annualized rate.
Markets will also keep an eye on South Sudan as internal strife threatened the country's oil output, adding to supply woes in Africa. South Sudan's government said on Sunday rebels had seized the capital of a key oil-producing region.
Meanwhile, in Libya the country’s oil minister Abdelbari al-Arusi said during the weekend that force should be used to reopen key oil ports in the eastern part of the country which have been closed for five months.
- WTI crude oil futures for February is trading around $ 99.03 a barrel after falling $0.29
- Brent futures for February settlement is trading around $ 111.67 a barrel after falling $0.10
- Natural gas is trading at $ 4.516 per cubic feet after rising 0.22%
- Gasoline is trading at $ 2.7844 per cubic feet after rising 0.05%
- Heating oil (diesel) is trading at $ 3.0722 a gallon after falling 0.19%
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Crude Near Two-Month High On US Growth, South Sudan In Focus
Published 12/23/2013, 04:30 AM
Updated 07/09/2023, 06:31 AM
Crude Near Two-Month High On US Growth, South Sudan In Focus
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