Crude for March delivery was at $99.88 a barrel, up 18 cents, in electronic trading on the New York Mercantile Exchange on Friday. The contract yesterday gained 30 cents to $99.70, the highest since Jan. 19. Prices are up 1.6 percent this week and are 17 percent higher in the past year. It traded as high as $101.39 a barrel earlier, extending a previous session's rally on the Federal Reserve's decision to keep interest rates low for the next three years and some positive U.S. economic data earlier Thursday.
Earlier Thursday, the Conference Board reported an increase of 0.4% in its index of leading economic indicators in December. The U.S. economy's expected to improve, it said, but doubts about the global economy constitute a continuing risk to the outlook.
Earlier, the Commerce Department reported durable-goods orders rose 3% in December, outpacing expectations for a 2.4% increase. And first-time jobless claims rose by 21,000 to 377,000 in the week ended Jan. 21, slightly above expectations, but the four-week average, considered a better gauge of labor-market trends, fell slightly to 377,500.
On Wall Street, stocks turned negative in the aftermath of Thursday's data. Fed officials said then they planned to keep interest rates at “exceptionally low levels” until at least late in 2014, extending their earlier target of mid-2013. The decision spurred a rally in riskier assets such as oil and equities as well as in gold futures.
MCX benchmark crude futures may open today above Rs 4990 levels with resistance near Rs 5025 and Rs 5060 levels.
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