Investing.com - Crude oil futures fell to one-week lows on Friday, as the U.S. dollar remained supported by the previous session's upbeat U.S. data and amid growing concerns over the outcome of Greek debt negotiations.
On the New York Mercantile Exchange, crude oil for August delivery hit $59.45 during European early afternoon hours, down 26 cents, or 0.41%. A day earlier, Nymex oil prices dropped 57 cents, or 0.95%, to end at $59.70.
The dollar found support after data on Thursday showed that U.S. personal spending rose by 0.9% in May, above expectations for a gain of 0.7%.
The report also showed personal income rose by 0.5% in May, in line with forecasts and after rising 0.5% in April.
In addition, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending June 20 increased by 3,000 to 271,000 from the previous week’s total of 268,000. Analysts had expected initial jobless claims to rise by 4,000 to 272,000 last week.
Separately, energy traders have been paying close attention to gasoline stockpiles in recent weeks as the U.S. driving season entered its peak gasoline demand period.
Total crude oil inventories fell by 4.9 million barrels last week to 463.0 million, compared to expectations for a drop of 2.1 million barrels to 465.8 million.
Meanwhile, market participants continued to monitor the Greek debt situation after negotiations between Athens and its creditors broke down once again on Thursday.
Time is running out for the Greek government to secure a deal to unlock bailout funds ahead of the looming deadline for a €1.6 billion repayment to the International Monetary Fund on June 30.
If Greece misses the payment it risks going into default, which could trigger the country’s exit from the euro area.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for August delivery inched down 5 cents, or 0.06%, to trade at $63.16 a barrel. On Thursday, London-traded Brent futures fell by 29 cents, or 0.46%, to settle at $63.20.
The spread between the Brent and the WTI crude contracts stood at $3.71 a barrel.