CP:Oil sits above US$108 as US data points to faster economic growth
BANGKOK--Oil sat above US$108 a barrel Friday, the highest since March last year, after being boosted by new signs of improvement in the U.S. economy.
Benchmark crude for August delivery was unchanged at US$108.04 a barrel at early afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contact rose US$1.56 on Thursday.
Oil has jumped more than US$11 a barrel in July, and pushed up the price of gasoline along with it. Gasoline futures have gained 13 percent since July 1.
On Thursday U.S. economic news was good on two fronts: The Labor Department reported a drop in claims for unemployment benefits and the Federal Reserve Bank of Philadelphia said manufacturing activity in the mid-Atlantic region grew in July at the fastest pace in more than two years.
In London, Brent crude rose 6 cents to US$108.76 a barrel on the ICE Futures exchange.
