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NYMEX crude oil weakens slightly in Asia with demand from China eyed

Published 10/30/2014, 06:41 PM
Updated 10/30/2014, 06:42 PM
Crude oil down in Asia

Investing.com - Crude oil prices fell on Friday in Asia with the focus on demand prospects from major importers like China as the U.S. recovery shows renewed signs of strength.

On the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in December traded down 0.04% at $80.91 a barrel during U.S. trading, after hitting an overnight session low of $80.81 a barrel and off a high of $82.09 a barrel.

The global Brent contract ended down 1% at $86.24 a barrel on the ICE Futures Europe exchange Thursday.

Overnight, crude oil futures fell after upbeat U.S. growth data and a Federal Reserve decision to close its monthly bond-buying program bolstered the dollar.

A stronger greenback makes oil and less attractive commodity on dollar-denominated exchanges, especially in the eyes of investors holding other currencies.

The Commerce Department reported earlier that the U.S. gross domestic product grew at an annual rate of 3.5% in the three months to September, beating forecast for 3% growth, which fueled demand for the greenback on expectations that the Federal Reserve remains set to hike interest rates in 2015.

On Wednesday, the Federal Reserve said it was ending its monthly bond-buying program due to improvements taking place in the labor market, which also sent the greenback posting gains at oil's expense.

Ongoing concerns that the world remains awash in crude pressured prices lower as well, as Asian and European economies are facing headwinds, which are offsetting the bullish effects U.S. recovery would otherwise have on oil.

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