Crude oil futures finished off the trading week with advances on Friday, propelled after three consecutive days of losses by unanticipated gains in a business climate index in Germany, Bloomberg reports.
A poll of 7,000 executives administered by the Ifo institute of Munich showed the index rose to 109.9 this month after registering at 109.8 last month. The metric was forecast to fall to 109.5, according to a Bloomberg poll of 40 economists. The Ifo's advance for April is the metric's sixth consecutive gain, according to Dow Jones Newswires.
The U.N Security Council and representatives from oil-rich Iran plan to re-convene late next month in Baghdad to continue discussing the nuclear ambitions of the Middle Eastern nation, which is under oil export sanctions levied by western countries.
"People are beginning to wind back their risk premium associated with Iran," chief market analyst Ric Spooner with CMC Markets in Sydney told Bloomberg. "The U.S. economy is bubbling along but it's not really giving people the sense that the momentum will have an upward trajectory from here."
At 9:39 a.m. on Friday, crude oil futures rose 1.01 percent, a $1.19 increase to $119.19 per barrel.
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