Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Crude prices shoot up on U.S. jobless claims, supply data

Published 07/18/2013, 01:12 PM
Updated 07/18/2013, 01:13 PM

Investing.com - Crude prices shot up on Thursday after data revealed fewer individuals in the U.S. filed for unemployment assistance last week, a sign the economy continues to improve and will demand more fuels and energy going forward.

The commodity saw added support from Wednesday's bullish inventory data that pointed to rising demand.

On the New York Mercantile Exchange, light sweet crude futures for delivery in September traded up 1.25% at USD107.68 a barrel on Tuesday, off from a session high of USD107.82 and up from an earlier session low of USD105.94.

The U.S. Department of Labor reported earlier that the number of individuals filing for initial jobless benefits last week fell by 24,000 to 334,000, compared to expectations for a drop of 13,000 to 345,000, which sent the dollar rising.

Elsewhere, the Federal Reserve Bank of Philadelphia said that its manufacturing index rose 19.8 for July from June’s 12.5 reading. Analysts had expected the index to decline to 7.8, and the better-than-expected readings sent prices gaining on Thursday along with lingering applause from supply data released earlier this week.

The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories fell by 6.9 million barrels last week, compared to expectations for a decline of 2 million barrels.

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

On the ICE Futures Exchange, Brent oil futures for September delivery were down 0.03% at USD108.58 a barrel, up USD0.90 from its U.S. counterpart.










Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.