WTI Heads for First Weekly Gain Since December on U.S. Economy

West Texas Intermediate crude rose, heading for the first weekly advance since the end of December, as data signaled economic improvement in the U.S., the world’s biggest oil user.

Futures climbed as much as 23 cents in New York, after sliding 0.2 percent yesterday. U.S. jobless claims fell last week to the lowest level since November and manufacturing picked up in January, according to separate reports. Industrial production data for December is due today. The Organization of Petroleum Exporting Countries said the group’s oil output last month decreased to the lowest level since May 2011.

WTI for February delivery was at $94.10 a barrel, up 14 cents, in electronic trading on the New York Mercantile Exchange at 11:35 a.m. Sydney time. The contract slid 21 cents to $93.96 yesterday. The volume of all futures traded was about 69 percent below the 100-day average. Prices are up 1.5 percent this week.

Brent for February settlement expired yesterday after dropping 4 cents to $107.09 a barrel on the London-based ICE Futures Europe exchange. The more-active March contract fell 52 cents to $105.75. The European benchmark crude ended the session at a premium of $13.13 to WTI.

(Source: Bloomberg)