U.S. crude oil ended sharply higher for a third straight session Friday, tracking rising global equity markets after some upbeat macroeconomic data out of the U.S. raised hopes of an economic recovery, even as the dollar strengthened against a basket of major currencies.
In some positive economic news, leading economic indicators in the U.S. rose more than anticipated to 0.6 percent in April led by building permits and the interest rate spread, a Conference Board report showed Friday.
Meanwhile, consumer sentiment in the U.S. showed a substantial improvement in May, according to a Thomson Reuters and University of Michigan report Friday. The consumer sentiment index for May rose to 83.7, the highest level in nearly six years.
Earlier today, San Francisco Federal Reserve President John Williams indicated the Fed could slow the pace of its asset purchases as early as this summer if labor market indicators continue to improve, and exit the bond buying program by the year end.
Light Sweet Crude Oil futures for June delivery, the most actively traded contract, gained $0.86 or 0.9 percent to close at $96.02 a barrel on the New York Mercantile Exchange Friday.
Crude prices for June delivery scaled a high of $95.57 a barrel intraday and a low of $93.23.
Yesterday, oil settled higher after the dollar dropped against a basket of major currencies following a slew of weak macroeconomic data out of the U.S.
The dollar index, which tracks the U.S. unit against six major currencies, traded at 84.25 on Friday, up from 83.75 late Thursday in North American trade. The dollar scaled a high of 84.37 intraday and a low of 83.73.
The euro traded lower against the dollar at $1.2829 on Friday, as compared to $1.2882 late Thursday in North America. The euro scaled a high of $1.2890 intraday and a low of $1.2798.
In economic news, the Conference Board's leading economic index rose 0.6 percent in April following a revised 0.2 percent decrease in March. Economists expected the index to increase by a more modest 0.3 percent compared to the 0.1 percent drop originally reported for the previous month.
In a preliminary reading, the consumer sentiment index for May came in at 83.7 compared to the final April reading of 76.4. This was well above economist estimates for a reading of 78.0, the highest level since July 2007. The report also indicates one-year inflation expectations unchanged at 3.1 percent, with the five-to-ten-year inflation outlook seen dipping to 2.8 percent in May from 2.9 percent in April.
From the eurozone, construction output continued its decline for the fifth month in a row in March, Eurostat reported. Production in construction fell at a faster pace of 1.7 percent, following a 0.3 percent drop in February. Building construction and civil engineering slid 1.4 percent and 2.4 percent, respectively. On a yearly basis, overall construction output plunged 7.9 percent, reversing last month's 1.7 percent increase.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.