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Crude gains as Egyptian unrest intensifies, U.S. data weigh

Published 08/15/2013, 01:48 PM
Updated 08/15/2013, 01:49 PM

Investing.com - U.S. crude prices rose on Thursday amid growing concerns unrest in Egypt may roil the broader Middle East and threaten global oil supply.

Mixed data out of the U.S. watered down gains.

On the New York Mercantile Exchange, light sweet crude futures for delivery in September traded at USD107.24 a barrel during U.S. trading, up 0.36%.

The September contract settled up 0.02% at USD106.85 a barrel on Wednesday.

Bloody clashes between supporters of Egypt's ousted President Mohamed Morsi and Egyptian security forces sent oil rising by stoking fears that tensions may spread and involve the country's oil-rich neighbors.

Fears that violence may disrupt the flow of oil through the Suez Canal also pushed up prices, though contrasting data out of the world's largest economy capped gains.

The Department of Labor reported earlier that weekly jobless claims in the U.S. fell to their lowest level since January 2008 last week, dropping by 15,000 to 320,000.

The Department of Labor also revealed that the U.S. consumer price index rose 0.2% in July from June and 2.0% from July of last year, in line with analysts' forecasts.

The core consumer price index, which is stripped of volatile food and energy costs, also rose 0.2% in July from June and 1.7% on year, also matching consensus forecasts.

The data painted a picture of U.S. economy in recovery and one that will demand more fuels and energy going forward, though national and regional output gauges dampened such hopes.

U.S. industrial production came in flat in July, according to the Federal Reserve, missing expectations for a 0.3% increase.

A separate Federal Reserve report revealed that manufacturing activity in the Philadelphia-region of the U.S. expanded at its slowest pace in four months in August, while manufacturing activity in New York state fell unexpectedly.

The Philadelphia Fed Manufacturing Index fell to 9.3 in August from 19.8 in July, falling far short of market forecasts for a 15.0 reading.

The Federal Reserve's New York Empire State Manufacturing Index fell to 8.24 in August from 9.46 in July, defying expectations for a gain to 10.00.

Meanwhile on the ICE Futures Exchange, Brent oil futures for September delivery were up 0.60% at USD109.48 a barrel, up USD2.24 from its U.S. counterpart.









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