WASHINGTON (dpa-AFX) - Crude oil prices climbed higher on Thursday, extending gains from the previous session, amid optimism about demand growth after data from the U.S. Commerce Department showing bigger than expected rebound in U.S. economic activity helped ease fears about a recession.
The report from the Commerce Department showed real gross domestic product shot up by 2.6% in the third quarter following a 0.6% drop in the second quarter and a 1.6% slump in the first quarter. Economists had expected GDP to jump by 2.4%.
West Texas Intermediate Crude oil futures for December ended higher by $1.17 or about 1.3% at $89.08 a barrel.
Brent crude futures were up $1.27 or 1.35% at 95.06 a barrel a little while ago.
US crude stocks rose 2.6 million barrels last week, according to the data from the Energy Information Administration on Wednesday. The data also showed that crude exports rose to 5.1 million barrels a day, the most ever.
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