Crude falls on profit taking, tracks Iran nuclear talks
Published Nov 22, 2013 01:19PM ET
On the New York Mercantile Exchange, light sweet crude futures for delivery in January traded at USD95.18 a barrel during U.S. trading, down 0.27%.
The commodity hit a session low of USD94.07 and a high of USD95.56. The January contract settled up 1.69% at USD95.44 a barrel on Thursday.
Oil futures were likely to find support at USD93.22 a barrel, Tuesday's low, and resistance at USD95.59 a barrel, Thursday's high.
The Department of Labor reported on Thursday that the number of individuals filing for initial jobless benefits in the U.S. last week fell by 21,000 to a seasonally adjusted 323,000, beating expectations for a decline of 9,000.
The news sparked demand for oil by stoking hopes for a more robust U.S. economy down the road, though profit taking wiped out the commodity's gains on Friday.
Elsewhere, hopes that talks among the U.S., Russia, China, Britain, Germany, France and Iran will eventually leaded to a dismantling of Tehran's alleged nuclear weapons program pushed prices lower as well.
A deal would resume the flow of Iranian crude into global markets and lower prices, as trade sanctions slapped on Iran due to its alleged nuclear ambitions have taken out more than 1 million barrels per day of oil from the global market.
Meanwhile on the ICE Futures Exchange, Brent oil futures for January delivery were up 0.72% at USD110.88 a barrel, up USD15.70 from its U.S. counterpart.
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Written By: Investing.com
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