Crude oil closes: better-than-expected GDP data boosts crude oil to rise for three consecutive days Brent crude oil hit a new high in nearly three weeks

U.
S.
GDP data showed U.
S.
economic growth of 2.
6% year-on-year in the third quarter to boost the market, crude oil futures closed higher for three consecutive days, and global benchmark Brent crude closed at a nearly three-week high.

December futures for West Texas Intermediate crude rose $1.
17, or 1.
3 percent, to settle at $89.
08 a barrel, after rising
in both sessions.
According to Dow Jones Market Data, this is the highest traded price
for a front-month contract since Oct.
13.
Brent crude, the global benchmark for December delivery on the ICE European Futures Exchange, rose $1.
27, or 1.
3 percent, to $96.
96 a barrel, its highest level
since Oct.
7.
January Brent crude futures rose $1.
25, or 1.
3 percent
, to $95.
04 a barrel.

Back on the New York Mercantile Exchange, November gasoline closed at $3.
0116 a gallon, up 3.
9 percent, and November heating oil closed at $4.
3339 a gallon, up 5.
2 percent, the highest closing since
the end of June.
November natural gas fell 7.
5 percent to $
5.
186 per million British thermal at maturity.
Natural gas prices closed at $5.
875 in December, down 4%.

Robbie Fraser, global research and analysis manager at Schneider Electric, said in a daily briefing: "Crude oil prices are trending higher again and it will be an overall bullish week
.
" He said benchmark crude oil futures were supported by macroeconomic data showing annual U.
S.
GDP growth of 2.
6 percent
in the third quarter.

Still, Edward Moya, senior market analyst at OANDA, said oil price gains were limited as a series of economic data released Thursday showed the economy had slowed
.

U.
S.
durable goods orders rose 0.
4 percent in September, but the increase was lower than the 0.
7 percent
forecast by economists polled by the Wall Street Journal.

Although U.
S.
crude inventories rose sharply Wednesday from data released by the U.
S.
Energy Information Administration, the rise was lower than the increase reported by industry associations
.
Gasoline supplies fell, while U.
S.
crude exports soared
.

"Exports increased by 991,000 barrels to an all-time high of 5.
129 million barrels per day
.
The significant increase in exports is another reason for the increase in crude oil prices following the release of the storage report," Robert Yajie, executive director of energy futures at Mizuho Securities, said
in a note.

Analysts also linked
Wednesday's rise in crude oil prices to an overall correction in the dollar.
The dollar's strong year-to-date rally has at times put pressure on commodities, making them more expensive
for users of other currencies.

The dollar moved higher on Thursday, with the ICE dollar index, which measures the greenback against a basket of six major currencies, up 0.
7 percent but still down 1.
4 percent
for the week.

Also on Thursday, the EIA reported that U.
S.
domestic natural gas supplies increased by 52 billion cubic feet
in the week ending Oct.
21.
By comparison, the market is expected to add 61 billion cubic feet
, according to estimates by the Dow Jones Economic Calendar.