Oil Prices Firm On Upbeat U.S. Economic Data

– By Jerome Onoja Okojokwu-Idu

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Oil Prices Firm On Upbeat U.S. Economic Data

Oil prices rose for a second session on Friday, buoyed by better than expected U.S. economic growth, strong middle distillate refining margins and hopes of a rapid recovery in Chinese demand.

Brent futures gained $1.17, or 1.34%, to trade at $88.64 a barrel by 1332 GMT. U.S. crude was up $1.17, or 1.44%, at $82.18 and on track for its highest daily jump in percentage terms for two weeks.

Both benchmarks advanced by more than 1% on Thursday and are heading for a third straight week of gains.

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Oil Prices Firm On Upbeat U.S. Economic Data

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