WASHINGTON (dpa-AFX) - Crude oil futures continued to rise Friday, extending multi-month highs amid signs that oil will hold above $50 a barrel.
The number of rigs drilling for oil in the U.S. rose this week by one to 737, Baker Hughes reported today. The oil industry may be responding to OPEC's vow to restrict its own production until the global oil glut ends.
Dec. WTI oil climbed $1.26, or 2.4%, to settle at $53.90/bbl, the highest since February.
Brent oil climbed $1.14, or 1.9%, to finish at $60.44/bbl.
Economic growth in the U.S. slowed modestly in the third quarter, according to a report released by the Commerce Department on Friday, although the pace of growth still exceeded economist estimates.
The report said real gross domestic product jumped by 3.0 percent in third quarter after surging up by 3.1 percent in the second quarter. Economists had expected GDP to increase by 2.5 percent.
The Federal Reserve is widely expected to raise interest rates in December if the economy performs well over the next two months.
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