Indications about strengthening economic growth in the world's largest consumer prompted West Texas Intermediate crude oil futures to push to their top rate in nearly 14 days on Friday, according to Bloomberg.
Construction of homes in the U.S. fell less than projected last month, resulting the sector to notch its most robust year since 2007, the U.S. Department of Commerce reports. The U.S. Federal Reserve indicated industrial output increase last month, marking the fifth-straight month of gains.
"The economic data continues to impress and points to higher fuel demand," partner John Kilduff with energy hedge fund Again Capital LLC in New York told the news source on Friday. "This week's inventory report, which showed that supplies dropped to a 22-month low, is adding to a sense of tightness in the market."
At 10:04 a.m. on Friday, WTI crude oil futures edged up 0.06 percent, a 6-cent lift to $94.02 per barrel. At 10:05 a.m., Brent crude oil futures climbed 0.5 percent, a 53-cent rise to $106.28 per barrel.
Reuters reports the Organization for the Petroleum Exporting Countries is set to reduce production of the energy commodity though output from Libya and Iran are forecast to climb.
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