West Texas Intermediate crude rose to the highest level of 2014 after data showed that increased consumer spending boosted the U.S. economy. Prices advanced 0.9 percent. Gross domestic product of the world’s biggest oil-consuming country grew at a 3.2 percent annualized pace in the fourth quarter, the Commerce Department said. WTI also gained as cold weather pushed heating oil futures to an 11-month high with demand for distillate fuel at the highest level in almost six years. “It’s a pretty good GDP number,” said Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis, which oversees $1.4 billion. “U.S. oil demand is picking up. Cold weather traditionally has always been a bullish factor for crude oil.” WTI for March delivery advanced 87 cents to $98.23 a barrel on the New York Mercantile Exchange, the highest settlement level since Dec. 31. The volume of all futures traded was […]