Brent Steady Around $108 as Cold Weather Helps

U.S. crude oil rose about $1 on Thursday, after government data showed solid economic growth in the fourth quarter of last year and as cold weather was expected to boost oil demand.

Gross domestic product in the U.S. grew at a 3.2 percent annual rate, the Commerce Department said, a far stronger performance than economists anticipated earlier in the quarter and a bullish sign for energy demand.

The arctic chill held its grip on the U.S. Midwest and Northeast, driving a larger-than-expected draw on U.S. distillates stocks including heating oil, government data from Wednesday showed.

CNBC

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