ND:WTI oil futures hold near 2-month high on U.S. recovery view
Investing.com - U.S. oil futures were little changed near a two-month high on Monday, amid indications that the U.S. economic recovery is deepening.
On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in February traded at USD98.95 a barrel during European morning trade, down 0.35%. New York-traded oil futures held in a range between USD98.87 a barrel and USD99.32 a barrel.
Nymex oil futures were likely to find support at USD97.76 a barrel, the low from December 19 and resistance at USD99.49 a barrel, the high from December 19 and a two-month peak.
The February contract settled 0.28% higher on Friday to end at USD99.32.
The Commerce Department said Friday that the U.S. economy expanded by 4.1% in the third quarter, well above initial estimates for 3.6% growth, adding to signs that the economic recovery is gaining traction.
Also, the International Monetary Fund on Sunday raised its forecast for 2014 U.S. economic growth to 2.5%, up from the 1.6% it expects the country to grow this year.
IMF Managing Director Christine Lagarde said on NBC's "Meet the Press" said that the recent budget deal in Washington and the Federal Reserve's decision to taper its bond buying program eased doubts about the future.
The U.S. is the world's largest oil consuming nation.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for February delivery shed 0.4% to trade at USD111.35 a barrel, while the spread between the Brent and U.S. crude contracts stood at USD12.40 a barrel.
London-traded Brent prices rose to a session high of USD111.92 a barrel earlier, the strongest level since December 6, amid ongoing concerns over a disruption to supplies from Libya.
