Crude oil futures little changed, U.S. data in focus
Published Jul 12, 2013 03:10AM ET
On the New York Mercantile Exchange, light sweet crude futures for delivery in August traded at USD104.91 a barrel during European morning trade, down 0.01%.
The number of individuals filing for initial jobless claims in the U.S. hit a two-month high last week, rising by 16,000 to 360,000, according to the Labor Department, defying expectations for a drop of 4,000 to 340,000.
A separate report showed that U.S. import prices fell 0.2% on a yearly basis in June, above expectations for a 0.1% decline, while exports prices rose 0.2% year-over-year, undershooting expectations for a 0.4% rise.
The numbers sent oil plunging on concerns that the U.S. recovery still faces headwinds and may demand less fuel and energy going forward than once thought, especially a day after Federal Reserve Chairman Ben Bernanke said that stimulus tools will remain in place for now.
Stimulus programs like the Fed's monthly USD85 billion asset-purchasing scheme tend to push up oil prices as a side effect, though concerns U.S. recovery faces potholes allowed oil to fall in a sell-off fueled by profit taking.
The U.S. is the world’s biggest oil-consuming country, responsible for almost 22% of global oil demand.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for August delivery was down 0.09% to trade at USD107.64 a barrel, with the spread between the Brent and crude contracts standing at USD2.73 a barrel.
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Written By: Investing.com
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