WTI Challenges $80 Again on Strong Economic Data

U.S. crude oil prices pushed past $80 on Friday, with the global benchmark Brent crude also enjoying its first weekly gain since mid-April on Chinese industrial output data and U.S. consumer prices, both of which came in more favorably than anticipated for April.  On Friday at 4:20 p.m. ET, West Texas Intermediate (WTI) was trading a penny shy of $80, and had surpassed $80 earlier in the afternoon.

Brent crude was trading at $83.91, up 0.77% on the day.  The April U.S. Consumer Price Index (CPI) released on Wednesday showed a 0.3% increase…