We have updated our privacy policy and terms & conditions. Find out more here.
0
 

Crude oil lower after U.S. housing, supply reports

CommoditiesJul 24, 2013 02:44PM GMT Add a Comment
Investing.com - Crude oil futures were lower on Wednesday, as strong U.S. housing data sent the greenback broadly higher, although a report from the U.S. government showed that oil supplies fell significantly more-than-expected last week.

On the New York Mercantile Exchange, light sweet crude futures for delivery in September traded at USD106.75 a barrel during European morning trade, down 0.45%.

The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories fell by 2.8 million barrels in the week ending July 19, exceeding expectations for a decline of 2.4 million barrels.

Total U.S. crude oil inventories stood at 364.2 million barrels as of last week.

But oil prices remained under pressure, as the Commerce Department said U.S. new home sales jumped 8.3% to a seasonally adjusted annual rate of 497,000 units, the highest level since May 2008.

Analysts had expected new home sales to rise 1.8% to an annual rate of 482,000.

The data boosted expectations that the Federal Reserve will start to scale back its bond buying program later this year after Fed Chairman Ben Bernanke said last week that the pace of the bank’s bond purchases would depend on economic data.

The U.S. is the world’s biggest oil-consuming country, responsible for almost 22% of global oil demand.

Traders were also cautious after the preliminary reading of China’s HSBC manufacturing PMI fell to an 11-month low of 47.7 in July, from a final reading of 48.2 last month. Analysts had expected the index to rise to 48.6.

China is the world’s second-largest oil consumer behind the U.S.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for September delivery dropped 0.80% to trade at USD107.53 a barrel, with the spread between the Brent and crude contracts standing at USD0.78 a barrel.


Crude oil lower after U.S. housing, supply reports
 

Related Articles

Crude oil futures higher in U.S. trading hours
Crude oil futures higher in U.S. trading hours
By Investing.com - Dec 19, 2014

Investing.com - Crude oil futures were higher in U.S. trading hours on Friday.On the New York Mercantile Exchange, Crude oil futures for February delivery traded at USD58.26 a ...

Add a Comment

 

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Brent Oil
 
 
 
Are you sure you want to delete this chart?
 
 
 
Are you sure you want to delete this chart?
 
 
 

Successfully Reported

Thank you. This comment has been flagged for a moderator.
_touchLoadingMsg
 
 
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.