West Texas Intermediate crude rose to the highest level of 2014 after data showed that increased consumer spending boosted the U.S. economy.
Prices advanced 0.9 percent. Gross domestic product of the world’s biggest oil-consuming country grew at a 3.2 percent annualized pace in the fourth quarter, the Commerce Department said. WTI also gained as cold weather pushed heating oil futures to an 11-month high with demand for distillate fuel at the highest level in almost six years. <read more>