Oil rises on improved US economic growth

Source: Agencies | December 21, 2013, Saturday |

Online Edition

The price of oil edged closer to US$100 a barrel yesterday after the US government said the economy grew at a faster rate in the third quarter than originally estimated.

Benchmark US oil rose 28 cents to close at US$99.32. For the week, oil rose about 3 percent, largely because of signs of improvement in the US economy. The last time oil closed above US$100 a barrel was Oct. 18.

The Commerce Department said yesterday that the US economy grew at a solid 4.1 percent annual rate from July through September, the fastest pace since late 2011 and significantly higher than previously believed. Much of the upward revision came from stronger consumer spending.

A stronger outlook for the economy and job market prompted the Federal Reserve this week to begin winding down its bond-buying program, which was intended to lower long-term interest rates and encourage more borrowing and spending.

Brent crude, a benchmark used to price international crudes used by many US refiners, rose US$1.48, or 1.3 percent, to close at US$111.77.

In other energy futures trading, natural gas dropped 4 cents to US$4.42 per 1,000 cubic feet (28.32 cubic meters).

Energy

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Oil rises on improved US economic growth

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