WTI Crude Heads for Third Weekly Gain as U.S. Economy Expands

31/01/2014 07:29 AST

West Texas Intermediate crude traded near the highest price this year, heading for a third weekly gain, as increased spending by U.S. consumers boosted the economy of the world’s biggest oil user.

Futures were little changed in New York after climbing 0.9 percent yesterday to the highest price in a month. U.S. gross domestic product grew at a 3.2 percent annualized pace in the fourth quarter, the Commerce Department said. Crude output from the Organization of Petroleum Exporting Countries dropped to the lowest level in more than two years this month, led by a decline in Angola, according to a Bloomberg News survey.

“The improving global demand scenario is supportive of the energy complex,” said Michael McCarthy, a chief strategist at CMC Markets in Sydney who predicts investors may sell WTI contracts at about $98.50 a barrel. “The most recent indicator was the GDP data from the U.S.”

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