One minerals and energy economist predicted crude oil will continue rising and reach levels as high as $113 per barrel during the third quarter.
"We don't expect it to be a sudden or a shocking pick-up in the U.S. but we are expecting it to turn around gradually," Ben Westmore of National Australia Bank in Melbourne told Bloomberg. "Compared to what we have seen in the last month or two, the data has become more positive."
At 3:58 p.m. on Friday, crude oil futures increased 1.19 percent, a $1.38 rise to $117.64 per barrel.
Dow Jones Newswires reports the U.S. government awarded bids earlier in the week so that 15 companies may purchase 30.64 million barrels of crude oil to compensate for shortfalls in production of the energy commodity caused by the ongoing uprising in Libya.
Manufacturing growth in the U.S. would push up the appetite for crude oil as the nation is the globe's top consumer of crude oil, according to Bloomberg.
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