WASHINGTON (Alliance News) – Crude oil futures rebounded Thursday, as strong US GDP inflated the demand outlook.
West Texas Intermediate oil for February settled 46 cents, or 0.9%, higher at USD52.95/bbl.
US GDP growth was revised up to 3.5% rate in the third quarter, a better than expected result.
Meanwhile, a surprise build in US stockpiles was largely overlooked.
Crude inventories rose by 2.3 million barrels in the week to Dec. 16, compared with expectations for a decrease of 2.5 million barrels.
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