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| Crude Oil Climbs To $110 a Barrel on Positive U.S. Economic Data Posted: 15 Apr 2011 12:22 PM PDT
Crude oil rose for the third day in Friday following a better-than-expected U.S. Consumer Confidence and Industrial Production data. The positive data boosted optimism regarding the recovery pace of the world's largest energy-consuming nation, and as a result supported demand for crude. Crude oil prices rallied today after a report showed that the confidence among U.S. consumers climbed in April from a 16-month loss. The Thomson Reuters/University of Michigan preliminary index of consumer sentiment rose to 69.6, beating expectations for 68.7. In addition, another release today revealed that the industrial production in the U.S. has also increased more than forecast in March, as output rose by 0.8 percent, after a revised 0.1 percent rise in February, the Federal Reserve said today in Washington. Crude oil gained from a daily low of $107.20 a barrel, and reached as high as the $110.05 level, marking a three-day high. |
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