Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Oil rises amid bargain-hunting

Published 08/08/2013, 08:47 PM
Updated 08/08/2013, 08:48 PM

Investing.com - Oil futures rose modestly in the early part of Friday’s Asian session as some traders stepped into buy crude after the commodity took a tumble during Thursday’s U.S. session.

On the New York Mercantile Exchange, light, sweet crude futures for September delivery rose 0.13% to USD103.94 per barrel in Asian trading Friday. The September contract settled 0.42% at USD103.81 per barrel on Thursday.

Tepid U.S. jobs data was one culprit behind oil’s Thursday decline. In U.S. economic news out Thursday, the U.S. Labor Department said initial claims for jobless benefits rose by 5,000 last week to 333,000. The less volatile four-week moving average dropped to 335,500, the lowest level since the fourth quarter of 2007. The U.S. is the world’s largest oil consumer.

Also on Thursday, China said its overall exports rose 5.1% in July, swinging from June’s 3.1% fall. China is the world’s second-largest oil consumer.

Elsewhere, ConocoPhillips, the largest U.S. independent oil company, said it will sell a stake in its Canadian oil sands operation to Exxon Mobil and Canada’s Imperial Oil for USD720 million. Conoco has been selling assets for several years to bolster its balance sheet.

Texas-based Conoco has sold international assets totaling USD13.5 billion since the start of last year. The Canada deal is reportedly all cash.

Traders will now turn their attention to new monthly forecasts from the International Energy Agency and the Organization of the Petroleum Exporting Countries due out later Friday.

Meanwhile, Brent futures for September delivery rose 0.18% to USD106.94 per barrel on the ICE Futures Exchange.



3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.