Oil prices rose on Friday, hitting three-month highs after data showed record online spending by U.S. consumers, stoking faith in the world's no. 1 economy even before the hoped-for end to the trade war between Washington and Beijing.
Brent crude futures were up 16 cents, or 0.2%, at $68.08 a barrel, after rising to as high as $68.10, the highest since September. The West Texas Intermediate contract was up 19 cents, or 0.3%, at $61.87 a barrel.
A survey on Thursday showed that online holiday purchases by U.S. consumers reached a record, beating analysts’ expectations and sending U.S. stocks to fresh.
Oil prices have also been buoyed by robust hopes that the New Year will usher in an end to the long-running U.S.-China trade tariff war, a dispute that has overshadowed global economic growth prospects and left question marks over future demand for crude.
Source : Reuters