Prospects of strong recoveries in two key world economies prompted West Texas Intermediate crude oil prices toward weekly gains on Friday, the final trading session of the second quarter of 2013, Bloomberg reports.
The Federal Statistics Office of Germany, the biggest economy in the euro zone, indicated retail sales climbed more than forecast last month. Consumer sentiment in the U.S., the energy commodity's top user, pushed past projections, according to the final index of Thomson Reuters and the University of Michigan. Market stability will remain in China, the governor of the People's Bank of China said regarding the globe's second-largest consumer.
"We are seeing good data out of the U.S. and Europe," market research director Addison Armstrong with Tradition Energy in Stamford, Connecticut, told the news source on Friday. "There are expectations of better gasoline demand in the third quarter. The head of PBOC's comments are very helpful."
At 10:51 a.m. on Friday, WTI crude oil prices rose 0.49 percent, a 48-cent lift to $97.53 per barrel. Brent crude oil prices gained 0.35 percent, a 36-cent increase to $103.18 per barrel.
The Wall Street Journal reports concerns were dissipating about the prospects of the U.S. Federal Reserve slashing its economy-spurring measures, which also benefited the energy commodity.