West Texas Intermediate crude capped the biggest weekly advance since July as the U.S. jobless rate dropped to a five-year low, bolstering the outlook for economic growth in the world’s biggest fuel-consuming nation.
West Texas Intermediate crude climbed as U.S. manufacturing unexpectedly advanced and Chinese growth surpassed projections, signaling greater fuel demand in the world’s biggest oil-consuming countries.
West Texas Intermediate crude capped a sixth weekly decline, the longest stretch of losses in 15 years, as rising U.S. supplies countered speculation that the Federal Reserve will maintain stimulus of the economy.
West Texas Intermediate crude fell below $98 a barrel on speculation that the government will report U.S. supplies rose to a three-month high. The grade’s discount to Brent was the steepest since April.
West Texas Intermediate crude fell as U.S. lawmakers have yet to agree on raising the nation’s debt limit, bolstering concern of a potential default that may slow economic growth and reduce fuel demand.