Confidence about the continuation of reductions to stimulus policy in the U.S. prompted Brent crude oil futures to push toward weekly gains on Friday, according to Bloomberg.
The energy commodity was barreling toward climbs of roughly 1.8 percent this week, prompted by the Federal Open Market Committee announcing on Wednesday it resolved to slash stimulus by $10 billion. Economists polled by the news source said the body is likely to continue with that type of tapering during its 2014 meetings.
"Improvement in the U.S. economy is clear," chief oil market strategist Amrita Sen with consultancy Energy Aspects Ltd. in London told the news source on Friday. "That should offset any small negative impact from tapering. It has taken a few months for the market to acknowledge the upside surprise from global oil demand."
At 8:54 a.m. on Friday, West Texas Intermediate crude oil futures edged down 0.06 percent, a 6-cent loss to $98.98 per barrel. Brent crude oil futures rose 0.52 percent, a 57-cent advance to $110.86 per barrel.
Reuters reports the National Energy Board of Canada granted approval for Enbridge to construct a pipeline that stretches from Alberta to the nation's Pacific Coast.
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