Oil prices rose on Friday, hitting three-month highs after data showed record online spending by US consumers, stoking faith in the world’s no. 1 economy even before the hoped-for end to the trade war between Washington and Beijing.
Brent crude futures were up 13 cents, or 0.2 per cent, at $68.05 a barrel at 0150 GMT, while the West Texas Intermediate contract was up 13 cents, or 0.2 per cent, at $61.81 a barrel.
A survey on Thursday showed that online holiday purchases by US consumers reached a record, beating analysts’ expectations and sending US stocks to fresh.
US consumers are “showing few signs of tightening their purse strings, which is positive for oil also,” said Stephen Innes chief Asia market strategist at AxiTrader.
