Post Tagged with: "US economic growth"

Oil Gains on U.S. Economic Data, Gulf Crude Tanker Dispute

Oil Gains on U.S. Economic Data, Gulf Crude Tanker Dispute

From Reuters Oil prices inched up on Friday, ending the week higher after stronger-than-expected U.S. economic data brightened the crude demand outlook and concerns over the safety of oil transport around the Strait of Hormuz threatened supply. Brent crude futures LCOc1 settled at $63.46 a barrel, up 7 cents. They clocked a weekly rise of about 1.7%. U.S. West Texas Intermediate crude CLc1 settled at $56.20 a barrel, rising 18 cents. It gained about 1.2% on the week. U.S. economic growth slowed less than expected in the second quarter with a boom in consumer spending, strengthening the outlook for oil consumption. “The data was net positive,” said John Kilduff, partner at Again Capital Management. “GDP beat expectations… consumer spending was just off the charts, but business spending was nearly as bad as consumer spending was good.” Broader economic slowing, particularly in Asia and Europe, could weaken crude demand outside of[Read More…]