US economy growing faster than expected, oil prices rise to US$74

01-Feb-10

Supported by a robust growth in exports and business spending on equipment and software, the US economy grew at a healthy 5.7% annual growth rate in Q4-09, the fastest pace of growth since 2003. A statement by the government that the US economy is growing faster than expected suggests a rise in energy consumption and has propped up crude oil prices. Crude oil rose to US$74 on the Nymex, while Brent crude for March delivery rose to US$72.62 a barrel.