Oil prices continue to rally on stronger economic news

Global Hunter Securities

Stronger economic news and improved demand signals have caused oil prices to rally, Global Hunter Securities analysts noted Monday.

“IMF Managing Director Christine Lagarde reportedly said on NBC TV's Meet the Press this weekend that the IMF would raise its outlook for the US, citing the latest GDP report for Q3 2013 that indicated a strong, 4.1% growth rate. The small reduction in the Fed's asset purchasing program ($10 billion less per month) was seen as much less than many observers expected, boosting expectations that the Fed's accommodation would be sufficient for a longer period than some feared, thus boosting more confidence in the economy,” the analysts noted.

In pre-market, electronic trading Monday morning, Brent crude oil was trending near $111.70 per barrel, while West Texas Intermediate prices for February delivery were trading higher, near $99.25 per barrel.

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