Crude Oil News

Crude oil prices rallied to fresh 4-year highs on Friday, as the dollar reversed a short-lived rally ignited by President Donald Trump's encouragement of a stronger U.S. currency. The oil prices sustained its rally even as U.S. drillers continued to add rigs. The oil rig count was up 12 to 759 in the week to January 26, with the biggest weekly rise seen in the Permian field since 2013. Meanwhile, the U.S. expanded at a 2.6% annual pace in fourth quarter. 


Consumer spending was up sharply, a sign that the economy is doing well. There was also a substantial increase in new orders for U.S. manufactured durable goods in the month of December. The Commerce Department said durable goods orders spiked by 2.9 percent in December after rising 1.7 percent in November.

 

Benchmark crude oil futures for February delivery gained by $0.63 or 1% at $ 66.14 a barrel on the New York Mercantile Exchange. Brent crude for March delivery was up by 10 cents or 0.1% to $70.52 a barrel on the ICE.

 

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