Investing.com - Crude futures moved lower in whipsaw trading on Friday, with upbeat U.S. data supporting the commodity with supply concerns pushing it back down.
In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in September traded down 0.08% at $101.99 a barrel during U.S. trading. New York-traded oil futures hit a session low of $101.01 a barrel and a high of $102.53 a barrel.
The September contract settled down 1.02% at $102.07 a barrel on Thursday.
Nymex oil futures were likely to find support at $101.01 a barrel, the earlier low, and resistance at $103.45 a barrel, Tuesday's high.
Demand for long-lasting goods and appliance rose more than markets were expecting last month.
The Census Bureau reported earlier that U.S. durable goods orders rose 0.7% in June, beating expectations for a 0.5% gain, after declining of 1% in May, whose figure was revised from a previously estimated 0.9% contraction.
Core durable goods orders, which are stripped of transportation items, grew 0.8% in June, beating expectations for a 0.6% gain, after a 0.1% downtick in May, whose figure was revised from a previously estimated flat reading.
The data came a day after the U.S. Department of Labor reported that the number of individuals filing for initial jobless benefits in the week ending July 19 declined by 19,000 to 284,000, defying market forecasts for claims to rise by 5,000.
Upbeat U.S. data supported oil by painting a picture of a more robust U.S. economy, one that will demand more fuel and energy going forward.
Elsewhere, reports of rising gasoline stocks at the U.S. oil hub in Cushing, Oklahoma, as well as news that European refineries are cutting runs or even idling plants due to an influx of oil products from the U.S. sent investors selling oil futures on concerns global supply remains ample, especially considering that disruption fears in war-torn Iraq and elsewhere in the Middle East never panned out.
Separately, on the ICE Futures Exchange in London, Brent oil futures for September delivery were up 1.02% and trading at US$108.17 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$6.18 a barrel.