Investing.com - Crude oil futures declined on Friday, reaproaching the seven-month low mark as markets were jittery ahead of upcoming comments by Federal Reserve Chair Janet Yellen in Jackson Hole.
On the New York Mercantile Exchange, U.S. crude oil for delivery in October traded at $93.67 a barrel during European afternoon trade, down 0.31%.
Prices gained 0.55% on Thursday to settle at $93.96.
Futures were likely to find support at $92.50 a barrel, Thursday's low and resistance at $95.14, the high of August 18.
Oil prices had strengthened on Thursday after a batch of upbeat U.S. data fuelled optimism over the strength of the economic recovery.
The Federal Reserve Bank of Philadelphia said that its manufacturing index improved to a three-year high of 28.0 this month, while Markit said that its preliminary U.S. manufacturing purchasing managers’ index increased to a four-year high of 58.0 this month.
At the same time, the National Association of Realtors said that existing home sales increased 2.4% to hit a ten-month high of 5.15 million units in July.
In addition, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits decreased by 14,000 to 298,000 last week from the previous week’s total of 312,000.
But traders were now eyeing the second day of the Fed's annual meeting of top central bankers and economists in Jackson Hole, Wyoming.
The spotlight will be on Fed Chair Janet Yellen, due to will speak later Friday in her first appearance at Jackson Hole as head of the U.S. central bank.
Elsewhere, on the ICE Futures Exchange, Brent Oil for October slipped 0.17% to trade at $102.46 a barrel, with the spread between the Brent and crude contracts standing at $8.79 a barrel.