Oil investments end week on three month high

Crude oil futures wrapped up last week on a fairly modest note, posting slight rises on the commodity index. The oil commodity futures traded in negative territory almost for the entirety of the session, yet managed to rally in its last hour, paring down all of their losses for the day and reporting minor increases.

Crude oil prices climbed lower for most of Friday’s trading, as plummeting U.S. stocks mirrored the growing concern investors are expressing over the yet unresolved debt crisis in Europe. The issue has been a primary affecting factor for oil investments for the better part of the year, driving the commodity oil and other raw materials down on the commodities market. Futures were able to bounce back however, after the latest report from the U.S. Federal Reserve showed a considerable drop-off in unemployment rates in the nation.

West Texas Intermediate crude oil futures for delivery in December gained 19 cents and now sit at $94.26 per barrel in electronic trading on the New York Mercantile Exchange. The U.S. commodity oil now sits at its highest level since early August. Oil investments have grown for nine of the past eleven weeks.

Despite falling equities, crude oil was able to sustain its leads on the commodities market. The stock market is traditionally viewed as a gauge for the state of health of crude oil demand and oil investments.

At this moment, the bulk of global demand is coming from emerging economies, as the U.S. and Europe struggle to regain their economic footing. Yet the addled regions are showing surprising resilience in the face of their financial woes.

The U.S. gained 80,000 new positions over the past months, which put a viable dent in the nation’s rising jobless rates.

The eyes of investors however remain on the ongoing debt crisis in Europe. The region’s leaders are slated to have a crucial summit in the near future to fully discuss the details of their resolution plan.