The 6.6 percent advance for oil futures this week marks the energy commodity's best performance since week-ending October 28. November saw the amount of durable goods rise the most in 120 days while applications for unemployment benefits dropped to their lowest level in three-and-a-half years.
"Recent U.S. economic data has been has been more positive than negative lately," market research director Addison Armstrong with Tradition Energy in Connecticut told the news service. "This has set a more positive tone for the market going into the New Year."
At 2 p.m. on Friday, crude oil futures increased 0.06 percent, a 0.07 percent rise to $107.96 per barrel.
The Associated Press reports the price of crude oil is likely to be impacted by the prospects of a face-off between oil-rich Iran and Western nations regarding the nation's nuclear program. The flow of oil from Iran is likely to be constrained as a consequence of efforts to control its ambitions.
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.