Investing.com - Crude oil prices eased in early Asia on Friday as investors awaited fresh cues on demand prospects.
On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in November traded at $84.69 a barrel, down 0.08%, after hitting an overnight session low of $86.25 a barrel and a high of $87.94 a barrel.
Brent oil prices fell as low as $89.90 a barrel in intraday trading Thursday with front-month November futures settled down 1.5% at $90.05 a barrel on ICE Futures Europe, the lowest price since June 21, 2012.
Overnight, better-than-expected weekly U.S. claims numbers weakened oil prices on Thursday by strengthening the dollar.
The U.S. Department of Labor reported earlier that the number of individuals filing for initial jobless benefits in the week ending Oct. 4 fell by 1,000 to 287,000 from the previous week’s revised total of 288,000.
Analysts had expected jobless claims to rise by 6,000 to 294,000 last week, and the numbers strengthened the greenback, which offset dovish language out of the Federal Reserve.
On Wednesday the minutes of the Fed's Sept. 16-17 policy meeting revealed that several monetary authorities believe the bank's current language painted the wrong picture on the timing of rate hikes and that an interest rate rise should be tied to U.S. economic recovery.
The minutes also showed that the U.S. central bank cut its growth outlook due to a stronger dollar and concerns over global weakness.
Crude also remained under pressure after the U.S. Energy Information Administration said in its weekly report on Wednesday that oil inventories rose by 5 million barrels in the week ending Oct. 3, blowing past expectations for a gain of 1.6 million barrels.
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NYMEX crude dips in early Asia, investors seek demand cues
Published 10/09/2014, 06:09 PM
Updated 10/09/2014, 06:11 PM
NYMEX crude dips in early Asia, investors seek demand cues
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Latest comments
suply is more than demand. crude mcx may show 5000 price in comming week. -. tradeniti a hindi book on stock market, share market.
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