WTI crude oil prices were seen trading higher during the late hours of the Asian trading session on Friday after the world’s largest economy revealed it improved as the US gross domestic product (GDP) in the third quarter surpassed estimates.
West Texas Intermediate for December settlement advanced 46 cents to $94.66 per barrel on the New York Mercantile Exchange, while December delivery for the European benchmark edged 33 cents lower at $103.13 on the London-based ICE Futures Europe exchange. Brent crude was at a premium of $8.81 to WTI.
Meanwhile in China, the country’s trade surplus grew last month, indicating signs that the growth in the economy is stabilizing.
Exports were 5.6% higher from last year’s level, after an unexpected drop of 0.3% in September, according to data released from the General Administration of Customs. Analysts forecasted a rise of 1.5% in exports in the previous month.
WTI Crude Oil – US GDP
The third-quarter GDP for the world’s largest economy grew by 2.8% annually, according to reports the US Department of Commerce.
The report revealed that the fastest growth of the US economy since early 2012, as the housing sector saw an advance, boosting stockpiles.
The jobless claims dropped by 9,000 to 336,000 in the previous week ended October, compared to the revised 354,000 recorded a week earlier, a report released from the Labour Department confirmed.
WTI Crude Oil - US Oil production
Oil production in the US and Canada were boosted by the Organization of the Petroleum Exporting Countries (OPEC). The organization estimated production to increase to 4.9 million barrels a day by 2017, increased from its previous forecast of 1.7 million barrels.
