2018.01.2614:51:00UTC+00Crude Oil Surges 4.5% For The Week

Crude oil prices rallied to fresh 4-year highs Friday, extending strong weekly gains even as U.S. drillers continued to add rigs.

The oil rig count was up 12 to 759 in the week to Jan. 26, with the biggest weekly rise seen in the Permian field since 2013.

WTI light sweet oil was up 63 cents, or 1%, to settle at $66.14/bbl, for a gain of 4.5% on the week.

The U.S. expanded at a 2.6% annual pace in fourth quarter, data showed this morning. Consumer spending was up sharply, a sign that the economy is doing well.

There was also a a substantial increase in new orders for U.S. manufactured durable goods in the month of December.

The Commerce Department said durable goods orders spiked by 2.9 percent in December after rising 1.7 percent in November.

"Our country is becoming so economically strong again - and strong in other ways, too, by the way - that the dollar is going to get stronger and stronger. And ultimately, I want to see a strong dollar," said Trump yesterday in Davos.