On Friday, crude oil continued its rally and rose to a fresh monthly high after the EIA data showed a larger-than-expected drawdown in crude oil inventories. Thanks to this, light crude broke above the psychologically important level of $100 per barrel for the first time since Oct. 22.

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On Thursday, crude oil continued its rally and rose to a nine-week high as weekly jobless claims report beat expectations and weighted on price. Light crude gained 0.45% and hit its intraday high of $99.70 per barrel.

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On Tuesday, crude oil gained 0.50% as better-than-expected U.S. economic data pushed the price higher. Thanks to this, light crude erased Monday’s losses and came back above $99 per barrel.

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On Monday, crude oil lost 0.42% as consumer sentiment gauge missed expectations. Light crude fell for the first time in six sessions and closed the day below $99 per barrel.

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On Friday, crude oil gained 0.37% on expectations that an improving U.S. economy could lead to increased oil demand. In this way, light crude closed the day above $99 and gained 2.73% in the previous week.

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