Investing.com - Oil futures traded lower in the early part of Friday’s Asian session as traders in the region digested a disappointing bit of U.S. economic that was released Thursday.
On the New York Mercantile Exchange, light, sweet crude futures for August delivery fell 0.40% to USD104.50 per barrel in Asian trading Friday after settling down 1.38% at USD105.05 a barrel on Thursday in the U.S.
In U.S. economic news out Thursday, the U.S. Labor Department said initial claims for jobless benefits rose to 360,000 last week, the highest level in two months. Economists expected a reading of 340,000 claims. The less volatile four-week moving average rose 6,000 last week to 351,750. That is the first time since June the four-week average was above 350,000.
A separate report showed that U.S. import prices fell 0.2% on a yearly basis in June, above expectations for a 0.1% decline, while exports prices rose 0.2% year-over-year, undershooting expectations for a 0.4% rise.
Oil traders reacted more to the data points than to remarks from Federal Reserve Chairman Ben Bernanke who said Wednesday evening that the U.S. economy still requires highly accommodative monetary policies just hours after the release of the minutes from the Fed's June monetary policy meeting, which revealed other U.S. central bankers felt likewise.
Oil also sold-off after the International Energy Administration said non-OPEC producers will contribute enough supply this year and in 2014 to outpace demand growth. The IEA expects non-OPEC producers to pump 1.3 million more barrels per day this year. Its previous forecast was an increase of 1.2 million barrels per day.
Elsewhere, Brent for August delivery inched down 0.03% to USD107.37 per barrel on the ICE Futures Exchange.
On the New York Mercantile Exchange, light, sweet crude futures for August delivery fell 0.40% to USD104.50 per barrel in Asian trading Friday after settling down 1.38% at USD105.05 a barrel on Thursday in the U.S.
In U.S. economic news out Thursday, the U.S. Labor Department said initial claims for jobless benefits rose to 360,000 last week, the highest level in two months. Economists expected a reading of 340,000 claims. The less volatile four-week moving average rose 6,000 last week to 351,750. That is the first time since June the four-week average was above 350,000.
A separate report showed that U.S. import prices fell 0.2% on a yearly basis in June, above expectations for a 0.1% decline, while exports prices rose 0.2% year-over-year, undershooting expectations for a 0.4% rise.
Oil traders reacted more to the data points than to remarks from Federal Reserve Chairman Ben Bernanke who said Wednesday evening that the U.S. economy still requires highly accommodative monetary policies just hours after the release of the minutes from the Fed's June monetary policy meeting, which revealed other U.S. central bankers felt likewise.
Oil also sold-off after the International Energy Administration said non-OPEC producers will contribute enough supply this year and in 2014 to outpace demand growth. The IEA expects non-OPEC producers to pump 1.3 million more barrels per day this year. Its previous forecast was an increase of 1.2 million barrels per day.
Elsewhere, Brent for August delivery inched down 0.03% to USD107.37 per barrel on the ICE Futures Exchange.