Crude oil prices continued to inch higher amid speculation the global oil supply glut is dwindling.
U.S. oil inventories have been declining for four weeks despite robust production, and OPEC has vowed to maintain its supply quota plan with Russia through 2018.
WTI light sweet crude oil was up 25 cents to $58.34 a barrel.
Economic activity in the U.S. unexpectedly grew at a slightly slower than previously estimated rate in the third quarter, according to a report released by the Commerce Department on Thursday.
The report said real gross domestic product surged up by 3.2 percent in the third quarter compared to the previously estimated 3.3 percent jump. Economists had expected the pace of growth to be unrevised.
The material has been provided by InstaForex Company – www.instaforex.com
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