MW: Oil futures rise after better-than-expected GDP
Oil futures rose early Friday after a report showed that the U.S. economy contracted less than expected in the fourth quarter. Crude oil for March delivery rose 69 cents, or 1.6%, to $42.12 a barrel in electronic trading on Globex. The U.S. economy contracted at a 3.8% seasonally adjusted annual rate in the fourth quarter, the Commerce Department estimated Friday. This is the largest contraction since the first quarter of 1982. Economists surveyed by MarketWatch were expecting a negative 5.5% growth rate in the fourth quarter.
