Oil Rises on Strong Economic Data

Gross domestic product (GDP) grew at an annual rate of 3.5 percent in the third quarter of this year, the fastest quarterly growth since 2014, according to the third estimate released by the Commerce Department on Thursday. The growth pace was revised up from the second estimate of 3.2 percent, and also beat market consensus. In a separate report, the department announced Thursday that new orders for manufactured durable goods in November decreased by 11 billion U.S. dollars or 4.6 percent to 228.2 billion dollars, exceeding market expectations. Analysts said the better-than-expected durable goods orders indicated that some of the oil-related headwinds for manufacturers were starting to wane. The U.S. benchmark West Texas Intermediate (WTI) crude futures for February delivery rose 0.46 dollars to settle at 52.95 dollars a barrel on the New York Mercantile Exchange. Meanwhile, the global benchmark Brent crude for February delivery increased by 0.59 dollars to close at 55.05 dollars a barrel on the London ICE Futures Exchange, Xinhua reported. (A026)
Editor: Suryanto
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