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The price of oil rose slightly , heading for its first weekly gain in five weeks , amid the promising data from the U.S. and concerns that possible Western sanctions on Russian energy sector could disrupt global supplies . Recall that the data released yesterday showed the U.S. economy grew slightly faster than expected in the fourth quarter , while the number of new applications for unemployment benefits dropped to nearly a four-month low last week , suggesting demand brighter prospects in the country.
"We are seeing quite good prospects for global demand that is likely to support the oil market ", - believes CMC Markets chief strategist Michael McCarthy.
As oil becomes more expensive on the back of positive economic data for the euro area , as well as expectations to support the economy of the PRC , which may increase the demand for raw materials . Earlier today, the European Commission reported that the index of consumer and business confidence in the euro-zone economy in March increased by 1.2 percentage points compared to February - up to 102.4 points. Analysts had expected the index only increase to 101.3 points.
In addition , Premier Wen Li Keqiang said that the state can not ignore the need to combat the economic volatility , as well as "the difficulties and risks" associated with the slowdown in economic growth.
Investors also continue to win back the news of production cuts in Libya due to the closure of ports and oil fields in the country , as well as a reduction in the largest oil reserves in the U.S. terminal in Cushing .
Meanwhile fellow oil factor remains tense situation in Ukraine as a contraction Russian troops to the border with Ukraine could be a harbinger of war between the two countries .
May futures for U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 101.57 per barrel on the New York Mercantile Exchange (NYMEX).
May futures price for North Sea Brent crude oil mixture rose $ 0.35 to $ 108.02 a barrel on the London exchange ICE Futures Europe.
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