The energy commodity benefited from the news about the U.S. dollar since the nation is the globe's top consumer of oil. As the U.S. economy strengthens, hopes for increased consumption gain momentum.
Energy prices will continue rising once the U.S. demonstrates steady growth rather than the erratic development it has seen as of late, one advisor told The Wall Street Journal.
"The signs are good, but we need to see more consistently" regarding developing and growth in the economy, head Carl Larry with advisory firm Oil Outlooks and Opinions told the news source on Friday.
At 12:36 p.m. on Friday, West Texas Intermediate crude oil futures rose 0.32 percent, a 28-cent gain to $93.31 per barrel. Brent crude oil futures shot up 0.73 percent, an 81-cent increase to $109.71 per barrel.
Bloomberg reports the U.S. dollar has lost value for two consecutive trading sessions against the euro, spurred on Friday by economic data noting contained inflation.
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.
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 trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.