Crude oil futures ended higher on Friday despite concerns about the outlook for interest rates following the release of hotter-than-expected U.S. inflation data. The Commerce Department said annual growth by core consumer prices, which exclude food and energy prices, accelerated to 4.7 percent in January from an upwardly revised 4.6 percent in December. Street had expected the annual rate of growth by core consumer prices to slow to 4.3 percent from the 4.4 percent originally reported for the previous month.
Benchmark crude oil futures for April delivery rose $0.93 or 1.2 percent to $76.32 a barrel on the New York Mercantile Exchange. Brent crude for April delivery surged $0.95 or 1.2 percent at $83.16 a barrel on London's Intercontinental Exchange.