Crude oil futures increased Friday, ending the week at the highest level in more than 3 years.
Costs have actually risen due to a weak U.S. dollar, falling oil inventories, and OPEC’s supply quota handle Russia. Political upheaval in Iran likewise assisted oil’s rally.
Baker Hughes said U.S. energy companies added 10 oil well today, the most significant increase because June, in response the rally in oil rates. It the first weekly rise in five weeks.
Feb. WTI oil increased 50 cents, or 0.8%, to settle $64.30/ bbl. Rates rose every day today, and were up 5.7%.
The Commerce Department said retail sales increased by 0.4 percent in December after climbing by an upwardly modified 0.9 percent in November.
Economic experts had actually expected retail sales to rise by 0.4 percent compared with the 0.8 percent increase originally reported for the previous month.
A separate report from the Labor Department showed consumer prices increased by less than expected in December, showing a sharp pullback in energy costs.
The consumer price index inched up by 0.1 percent in December after climbing up by 0.4 in November. Economic experts had expected rates to increase by 0.2 percent.
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