Crude oil prices rise as US economic growth strong

17-Feb-05
A report that US Q4 gross domestic product (GDP) might be revised higher by as much 0.5 percentage points, as against the previously estimated annual rate of 3.1% last quarter. Strong US growth will boost demand and result in rising fuel consumption. Crude oil prices rose Monday US economic growth in the fourth quarter might had been underestimated. On the New York Mercantile Exchange, oil futures for March delivery rose to US$ 48.20/barrel. In London, the March Brent crude-oil futures contract was at US$45.92/barrel. OPEC cut about 800,000 bpd of oil this month. as several Organization of Petroleum Exporting Countries (OPEC) members expressed comfort with oil prices at the level of US$50/barrel. The oil producers' apparent comfort with higher prices also gave oil prices a lift.
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