Crude oil futures rise in subdued trade
Published Jun 21, 2013 03:16AM ET
On the New York Mercantile Exchange, light sweet crude futures for delivery in August traded at USD95.50 a barrel during European morning trade, up 0.37%.
The Federal Reserve Bank of Philadelphia said that its manufacturing index rose to 12.5 in June from minus 5.2 in May, outstripping expectations for a reading of minus 2.0 and rising at the fastest pace since April 2011.
Separately, the Department of Labor said the number of individuals filing for initial jobless benefits last week rose by 18,000 to a seasonally adjusted 354,000, a three-week high, compared to expectations for an increase of 4,000 to 340,000.
The reports came after Fed Chairman Ben Bernanke on Wednesday said the bank could begin slowing asset purchases by the end of 2013 and wind them down completely by the middle of 2014 if the economy picks up as the central bank expects.
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 advanced 0.50% to trade at USD102.65 a barrel, with the spread between the Brent and crude contracts standing at USD7.15 a barrel.
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Written By: Investing.com
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