Forexpros – Crude oil futures rose in U.S. trading on Friday on reports that U.S. consumers are more upbeat over their economy than expected.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in September traded at USD95.70 a barrel on Friday, up 0.10%, off from a session high of USD95.90 and up from an earlier session low of USD94.99.
U.S. consumers are reasonably upbeat over the economy despite the country’s stop-and-go recovery.
A Thomson Reuters/University of Michigan preliminary consumer sentiment index for August hit its highest level since May at 73.6, up from 72.3 last month, outpacing economists’ forecasts for a 72.4 reading.
The numbers fueled sentiments that despite headwinds from Europe and despite stubbornly high unemployment rates, the U.S. economy will continue to grow and demand more oil and fuels going forward.
Ongoing tensions in the Middle East pressured prices up as well, with fears of an Iran-Israeli conflict providing support for the commodity.
Maintenance issues on North Sea oil rigs pushed prices up as well.
Rising prices, however, sparked talk the U.S. government will dip into its Strategic Petroleum Reserves to prevent prices from rising any higher.
On the ICE Futures Exchange, Brent oil futures for September delivery were down 1.38% and trading at USD113.67 a barrel, up USD17.97 from its U.S. counterpart.
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