WASHINGTON (dpa-AFX) - Crude oil futures rallied Friday amid hopes for strong demand from the U.S. and China.
Nov. WTI oil climbed 85 cents, or 1.7%, to settle at $51.45/bbl on Nymex, having picked up 4% this week.
U.S. consumer sentiment and retail sales were up last month, data showed this morning. Chinese crude imports rose by roughly 1 million barrels a day in September to 9 million barrels a day.
Meanwhile, Baker Hughes reported that the number of active U.S. rigs drilling for oil fell by 5 to 743 this week after posting a fall of 2 rigs last week.
Saudi Arabia may be giving up on its IPO for state-owned Aramco Oil. Alternatively, the kingdom could wait until 2019 hoping for higher oil prices.
The U.S. consumer price index rose only 0.5% last month, due mostly to volatile gas prices after Hurricane Harvey. The closely watched core CPI was up only 0.1%, leaving the annnual rate of inflation at only 1.7%.
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