Crude edges lower on global growth concerns, U.S. data support
Published Jul 26, 2013 11:38AM ET
On the New York Mercantile Exchange, light sweet crude futures for delivery in September traded at USD104.50 a barrel during U.S. morning trade, down 0.97%.
The September contract settled up 0.09%, at USD105.49 a barrel on Thursday.
Earlier this week, a preliminary reading of China’s HSBC manufacturing PMI fell to 47.7 in July from a final reading of 48.2 last month. Analysts had expected the index to rise to 48.6. A reading below 50 indicates a contraction, which continued to dampen spirits on Friday, as China is the world's second-largest consumer of oil.
Meanwhile in the U.S., the Labor Department said Thursday that the number of individuals filing for initial jobless benefits last week increased by 7,000 to 343,000 compared with expectations for a gain of 4,000 to 340,000, which dampened spirits somewhat though more upbeat consumer sentiment data provided some support.
The Thomson Reuters/University of Michigan consumer sentiment rose more than expected in July, hitting 85.1 from 83.9 in June.
Analysts had expected the index to rise to 84.0 this month.
The report also said that inflation expectations fell to 3.1% this month, from 3.3% in June.
The U.S. is the world's largest consumer of crude.
On the ICE Futures Exchange, Brent oil futures for September delivery were down 0.56% at USD107.05 a barrel, up USD2.55 from its U.S. counterpart.
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Written By: Investing.com
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