WTI crude oil prices continue to climb higher early on Friday, boosted by the release of strong consumer spending data from the US. At the time of writing, WTI crude oil is trading at around $61.81 per barrel.

Data released on Thursday revealed a stronger than forecast figure for consumer spending, with the figure touching record highs for the month of November. Consumer spending rose 2.4% higher YoY and 0.4% higher MoM seasonally adjusted last month.

This reflects increasing confidence in the US economy, one of the world’s largest energy consumers, driving crude oil prices bullish. Meanwhile, crude oil also enjoys support over expectations of the phase one trade deal being inked between the US and China shortly, as well as the deeper production curbs that will be implemented by OPEC and its allies in 2020.