Crude oil futures decline ahead of U.S. GDP report
Published Apr 26, 2013 03:28AM 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%.
Investors were eyeing the release of U.S. gross domestic product data later Friday, after a recent string of disappointing economic indicators raised questions over the strength of the country's economic recovery.
However, on Thursday, the Department of Labor said the number of people who filed for unemployment assistance in the U.S. fell by 16,000 to a seasonally adjusted 339,000, last week compared to expectations for a decrease of 4,000 to 351,000.
Jobless claims for the preceding week were revised up to 355,000 from a previously reported increase of 352,000.
The U.S. is the world’s biggest oil-consuming country, responsible for almost 22% of global oil demand.
Separately, markets were jittery amid speculation over a possible rate cut by the European Central Bank after Goldman Sachs on Thursday said it now expects the ECB to cut rates by 0.25% at next week's policy meeting.
The investment bank also revised down its euro zone growth forecast for 2013 to minus 0.7% from minus 0.5% previously.
Oil prices rallied more than 2% on Wednesday after a U.S. government report showed oil supplies rose less-than-expected last week.
U.S. crude oil inventories increased by 0.9 million barrels, below expectations for an increase of 1.5 million barrels.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for June delivery slid 0.58% to trade at USD102.81 a barrel, with the spread between the Brent and crude contracts standing at USD9.78 a barrel.
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Written By: Investing.com
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