Crude drops on soft U.S. industrial production numbers
Published Feb 15, 2013 12:43PM ET
On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at USD95.62 a barrel on Friday, down 1.74%, off from a session high of USD97.47 and up from an earlier session low of USD95.24.
Official data showed that U.S. industrial production contracted by 0.1% in January, missing expectations for a 0.2% rise and well below a 0.4% increase the previous month.
The numbers sent oil prices dropping on sentiments that less output in the country's mines, utilities and factories will mean less demand for energies and fuels than once thought.
The data overshadowed solid consumer sentiment figures.
In a preliminary report, the University of Michigan said that its index of consumer sentiment rose to 76.3 in February from 73.8 the previous month, well above expectations for a gain to 74.8.
Meanwhile, the Federal Reserve Bank of New York reported that its index of manufacturing activity beat expectations in February, rising to 10.0 from a reading of -7.8 the previous month.
Analysts had expected the index to improve to -2 this month.
Meanwhile in Europe, the eurozone’s trade surplus rose unexpectedly in December, official data showed on Friday.
In a report, Eurostat said that eurozone trade surplus rose to EUR11.7 billion from EUR10.5 billion in November.
Analysts had expected eurozone trade surplus to hit EUR10.7 billion.
Elsewhere on the ICE Futures Exchange, Brent oil futures for April delivery were down 0.78% at USD117.08 a barrel, up USD21.46 from its U.S. counterpart.
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Written By: Investing.com
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