Oil Above $98 as US Economy Shows Strength

From ABC News

The price of oil closed above $98 a barrel for the first time in a month Thursday, as signs of a strengthening U.S. economy prompted expectations of greater demand for oil.

Benchmark U.S. crude for March gained 87 cents to finish the day at $98.23 a barrel on the New York Mercantile Exchange.

Expectations are rising that the 2014 U.S. economy will be the best since the recession ended 4½ years ago. The government said Thursday that growth reached a 3.2 percent annual rate last quarter on the strength of the strongest consumer spending in three years.

The GDP numbers “were enough above expectations to conjure up ideas of additional petroleum demand improvement,” wrote Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates, in a note to clients.

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