Investing.com - NYMEX crude prices rose in Asian trading hours
on Friday after data revealed the U.S. economy grew at a healthy
clip in the fourth quarter of last year.
On the New York Mercantile Exchange, West Texas Intermediate
crude for delivery in March traded at USD98.07 a barrel during
Asian trading, up 0.13%.
On Thursday the New York-traded oil futures hit a session low of
USD97.91 a barrel and a high of USD98.15 a barrel. The March
contract settled at USD97.95 a barrel.
Nymex oil futures were likely to find support at USD95.22 a
barrel, Monday's low, and resistance at USD98.96 a barrel, the high
from Jan. 2.
Oil prices gained after the Commerce Department said gross
domestic product expanded 3.2% in the three months to December, in
line with most forecasts, even outpacing some, following a 4.1%
rise in the third quarter.
Exports grew by 11.4%, while federal consumption decreased,
which drew particular applause by fanning hopes the private sector
will fuel more growth going forward.
The data showed personal consumption grew 3.3% in the three
months ended Dec. 31, the biggest increase in three years.
Oil traders shrugged off data confirming a contraction in
China's manufacturing sector. China's final HSBC Purchasing
Managers Index released earlier fell to a six-month low of 49.5 in
January from a preliminary reading of 49.6 and down from 50.5 in
Elsewhere, on the ICE Futures Exchange in London, Brent oil
futures for March delivery were down 0.16% and trading at 107.71 a
barrel, while the spread between the Brent and U.S. crude contracts
stood at USD9.64 a barrel.
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