The price of Brent crude oil is rising this morning as traders await the US fourth quarter GDP report from the Department of Commerce. Economists are expecting US GDP to post a 3% gain for the quarter, a sharp rise over the 1.8% gain in the third quarter.
Brent is trading at $110.64/barrel at about 7:00 a.m. ET this morning, up 0.33% from yesterday’s close. Brent closed last week at $111.40/barrel, the third straight week where the commodity finished the week at a lower price than the week before. Today’s rise, if it holds, will be the first week in the last three where Brent closes higher for the week. Still it is well shy of the $113.59/barrel price that closed the first week of January.