Indications about a strengthening U.S. economy prompted West Texas Intermediate crude oil futures to gain in value on Friday as the energy commodity pushed toward its fourth consecutive week of gains, according to Bloomberg.
This week's advance for crude oil was pushing toward roughly 2.5 percent as the upward surge on Friday amounted to roughly 0.6 percent. The commodity benefited from a reduced number of Americans filing applications for unemployment insurance, according to economic data released on Thursday by the U.S. Department of Labor.
"The U.S. economy is doing much better than Europe and Asia, including China," energy-trading manager Ken Hasegawa with Newedge Group in Tokyo told the news source on Friday. "Fundamentally WTI will be supported. The WTI-Brent spread may hit parity next week as a lot of people are betting on it now."
At 9:27 a.m. on Friday, WTI crude oil futures rose 0.81 percent, an 88-cent rise to $108.92 per barrel. Brent crude oil futures increased 0.19 percent, a 21-cent lift to $108.91 per barrel.
Reuters reports WTI crude oil futures pushed to its top value in 16 months on Friday.
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