Oil prices were higher today and rose for a second week in a row. This was the highest close in nearly months as positive US economic growth and signs of Chinese stimulus boosted demand expectations. “Economic stimulus from China, stronger-than-expected 4Q GDP growth in the U.S., cooling U.S. inflation data, ongoing geopolitical risks, and the larger-than-expected 9.2 million-barrel drop in U.S. commercial crude stocks for last week have all combined to wedge prices higher,” said Tim Evans, an independent oil market analyst. Supply concerns are evident in the structure of Brent futures. The premium of the first-month contract to the sixth on both Brent and WTI rose to the highest since November, indicating a perception of tighter prompt supply. WTI traded up $.65 or .8% to close at $78.01. Brent traded up $1.12 or 1.4% to close at $83.55.