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Oil at 3Month High as U.S. Consumer Spending Inspires

Oil prices continued their growth after a short holiday break on Friday, reaching three-month peak after recent report, which showed record online spending by purchasers in U.S., building confidence in the world’s no. 1 economy even despite the fact an interim agreement between Washington and Beijing had not been signed yet.

oil prices jumpPhoto: Reuters

Prices for Brent crude futures reached a 0.40 percent rise, to $68,19 per barrel, while February WTI futures added 0.39 percent, to $61,91 per barrel at 0830 GMT on Friday.

A recently released report on Thursday showed that the U.S. buyers were purchasing more than market estimated, pushing the major indexes of the Wall Street up.

The market sentiment was broadly supported by hopes for putting an end to protracted trade war between Washington and Beijing despite the question marks over future demand for fuel.

Meantime, the after effect of the trade spat damaged again Japan’s economy, according to received data on Friday indicating that industrial activity in the country shrank for a 2d month in November.

Nevertheless, the international benchmark Brent price has jumped more than 25 percent in 2019, whereas WTI registered a near 35 percent increase, supported by OPEC and its allies moves, to restrain  crude production.