The U.S. and China, also respectively the world's biggest and second-biggest consumers of the energy commodity, are seeing economic data that demonstrate a stronger-than-anticipated recovery from the Great Recession. November showed U.S. industrial production advanced the most in 24 months while a purchasing managers' index indicated Chinese manufacturing grew more rapidly this month.
"Recent U.S. data are suggesting that the U.S. is finally out of recession and that should be very bullish for oil demand," president Michael Lynch with Strategic Energy & Economic Research in Massachusetts told the news source. "The manufacturing number revives hopes that we'll see China become one of the biggest components of demand growth next year."
At 2:03 p.m. on Friday, Brent crude oil futures gained 1.29 percent, a $1.37 lift to $109.05 per barrel. At 2:04 p.m., WTI crude oil futures increased 0.98 percent, an 84-cent gain to $86.72 per barrel.
Dow Jones Newswires reports Norway is unlikely to accomplish this year's goals for production due to issues with maintenance and technical problems.
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