Stronger than forecast economic growth in the globe's top consumer pushed up crude oil futures for a fifth consecutive trading session on Thursday, according to Bloomberg.
Marking its longest bullish streak in about three months, the energy commodity responded with an uptick to economic data released by the U.S. Department of Commerce stating that the third quarter of the year saw gross domestic product increase 3.1 percent. The gains offset losses imparted by preoccupations about political leaders being unable to resolve the fiscal cliff impasse.
"The market is getting support from the improving economic picture," partner John Kilduff with energy hedge fund Again Capital told the news source on Thursday. "There have been a number of signs pointing to stronger growth."
At 5:02 p.m. on Thursday, WTI crude oil futures lost 0.02 percent, a 2-cent loss to $89.99 per barrel. At 5:03 p.m., Brent crude oil futures fell 0.14 percent, a 16-cent drop to $110.20 per barrel.
Reuters reports the performance of the energy commodity was impacted by the monetary units of the U.S. and the euro zone being buffeted by discussion about how to resolve the fiscal cliff.
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