Crude oil futures decline, U.S. data in focus
Published May 31, 2013 03:53AM ET
On the New York Mercantile Exchange, light sweet crude futures for delivery in June traded at USD93.03 a barrel during European morning trade, down 0.67%.
Oil prices retreated after the Department of Labor on Thursday said the number of people who filed for unemployment assistance rose to a seasonally adjusted 354,000 last week, compared to expectations for a decline to 340,000.
Meanwhile, the Commerce Department said U.S. first quarter gross domestic product was revised down to 2.4% from a preliminary reading of 2.5%. Analysts had expected an unchanged reading.
A separate report by the National Association of Realtors said that its pending home sales index rose 0.3% to hit the highest level since April 2010 last month, but fell short of expectations for a 1.1% increase.
The U.S. is the world’s biggest oil-consuming country, responsible for almost 22% of global oil demand.
Markets were also jittery as ahead of a key meeting of the Organization of the Petroleum Exporting Countries (OPEC), slated to take place in Vienna later in the day.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for June delivery slid 0.60% to trade at USD101.59 a barrel, with the spread between the Brent and crude contracts standing at USD8.56 a barrel.
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Written By: Investing.com
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