Crude oil prices rose today, amid US jobs data and production cuts in Europe and the US due to deteriorating weather conditions.
Brent crude was up 29 cents at $111.27 a barrel, while US oil rose by six cents to settle at $97.44 a barrel, reported Reuters.
Data showed that the US economy expanded at a much faster pace than expected in the third quarter, providing hints that demand could improve with the world’s top oil consumer.
Traders are now waiting for US nonfarm payrolls for November, due to be released later today, for further signs of economic growth.
However, further gains were curtailed by speculation that positive economic data would prompt the US central bank to start unwinding its bond-buying programme, which could have an impact on riskier assets such as oil and other commodities.
Severe weather conditions in parts of Europe and the US have shut down some oil production, thereby impacting oil markets.
Oil producers in the North Sea oil have halted production and moved staff from some platforms as a major storm blasted towards mainland Europe, while cold weather dented some oil and gas production in the US.
Image: Crude futures rise on reduced oil output. Photo courtesy of Victor Habbick.