Investing.com - Crude oil futures declined on Friday, as demand for the greenback strengthened ahead of upcoming U.S. consumer sentiment data and as the previous session's upbeat U.S. retail sales report continued to support.
On the New York Mercantile Exchange, crude oil for July delivery hit $60.27 during European early afternoon hours, down 48 cents, or 0.85%. A day earlier, Nymex oil prices dropped 66 cents, or 1.07%, to end at $60.77.
The dollar found support after the U.S. Commerce Department reported on Thursday that retail sales increased by 1.2% last month, beating expectations for a gain of 1.1%, and that core retail sales, which exclude automobile sales, rose by 1.0% in May, compared to forecasts for a 0.7% increase.
At the same time, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending June 6 increased unexpectedly by 2,000 to 279,000.
Investors were looking ahead to a preliminary report on U.S. consumer sentiment due later in the day, for further indications on the strength of the economy.
Oil futures were also hit after the IEA also said on Thursday that oil supplies from the Organization of the Petroleum Exporting Countries rose by 50,000 barrels in May from a month earlier to 31.33 million barrels per day, the highest level since August 2012, due to increasing output from Saudi Arabia and Iraq.
In its monthly report, the IEA also said that global oil demand is forecast to increase by 1.4 million barrels a day this year, raising its projection from last month by 300,000 a day.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for July delivery retreated by 39 cents, or 0.55%, to trade at $64.72 a barrel. On Thursday, London-traded Brent futures dropped 59 cents, or 0.90%, to settle at $65.11.
The spread between the Brent and the WTI crude contracts stood at $4.45 a barrel.