Crude oil prices extend rally, up 3 percent

Positive news about economic growth in Europe helped extend a rally for crude oil prices, with Brent trading up more than 3 percent in early Friday trading.

The price for Brent, the global benchmark, leaped above the $60 per barrel mark early in the Friday session, rising 3.4 percent from the previous session. The price for Brent is up more than 35 percent from its mid-January price, but still 40 percent below June 2014 highs.

Oil prices have increased steadily since the beginning of the year as the weak market crimps spending plans for exploration and production.

The price for crude oil began its mid-2014 decline as markets swung toward the supply side on the back of increased U.S. oil production and a weakened global economy.

The European Commission in November said a stress test found major European banks could withstand another economic crisis, though real gross domestic product growth would not hit the 2 percent mark until 2016.

Eurostat, the statistical office of the European Union, in a flash estimate Friday said seasonally adjusted gross domestic product grew by 0.4 percent for 28 member state economies compared with the third quarter.

"Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 0.9 percent in the euro area and by 1.3 percent in the EU-28 in the fourth quarter of 2014," the report said.

Eurostat estimated fourth quarter gross domestic product in the United States increased by 0.7 percent compared with the previous quarter.

The price for West Texas Intermediate crude oil, the U.S. benchmark, gained 2.6 percent from Thursday's close to trade near $52.50 early in the Friday session. WTI prices are up about 19 percent from their January low.