Credit: Investing.com -
Investing.com - Crude futures rose on Friday after data revealed the U.S. economy expanded at a healthy pace in the second quarter, while concerns U.S.-led airstrikes targeting ISIS insurgents in the Middle East will disrupt oil exports pushed up prices as well.
In the New York Mercantile Exchange, West Texas Intermediate Crude oil for delivery in November traded up 0.69% at $93.17 a barrel during U.S. trading. New York-traded oil futures hit a session low of $92.24 a barrel and a high of $93.32 a barrel.
The November contract settled down 0.29% at $92.53 a barrel on Thursday.
Nymex oil futures were likely to find support at $90.41 a barrel, Monday's low, and resistance at $94.12 a barrel, the high from Sept. 16.
Oil prices rose on sentiments that an expanding U.S. economy will consume more fuel and energy.
The Commerce Department reported earlier that U.S. gross domestic product expanded at an annual rate of 4.6% in the second quarter, in line with the consensus forecast, after contracting by 2.1% in the first three months of the year.
U.S. second quarter GDP was initially reported to have increased by 4.2%.
Separately, the Thomson Reuters/University of Michigan final consumer sentiment index remained unchanged at 84.6 this month, just shy of expectations for an uptick to 84.7, though not soft enough to seriously dampen spirits in energy markets.
Geopolitical events pushed up crude as well.
Reports that a U.S.-led airstrikes targeting ISIS position have hit oil facilities in Syria pushed up prices by fueling fears exports from the region will be affected, especially if Iraqi oilfields are affected.
Still, oil didn't surge on Friday amid ongoing sentiments that the world is awash in crude at a time where demand remains soft due to headwinds slowing Chinese and European economies, which took its toll on Brent futures.
Separately, on the ICE Futures Exchange in London, Brent oil futures for November delivery were down 0.16% at US$96.85 a barrel, while the spread between Brent and U.S. crude contracts stood at US$3.68 a barrel.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
