Investing.com - West Texas Intermediate oil futures rebounded from a two-week low struck in the previous session on Thursday, as market players looked ahead to key U.S. economic data later in the day for further indications on the strength of the economy.
On the New York Mercantile Exchange, US crude oil for delivery in June held in a range between $101.49 a barrel and $101.80 a barrel.
Nymex oil last traded at $101.67 a barrel during European morning hours, up 0.23%, or 23 cents. Prices fell to $101.20 a barrel on Wednesday, the lowest since April 8, before settling at $101.44, down 0.3%, or 31 cents.
Futures were likely to find support at $101.20 a barrel, the low from April 23 and resistance at $102.08 a barrel, the high from April 23.
The U.S. is to publish the weekly report on initial jobless claims as well as a report on durable goods orders for March later in the session.
Data released Wednesday showed that sales of new homes in the U.S. fell to the lowest level since July 2013 in March. Sales on new homes dropped 14.5% to a seasonally adjusted rate of 384,000, lower than analysts' forecasts for a sales rate of 450,000.
Meanwhile, the U.S. Energy Information Administration said in its weekly report Wednesday that crude oil inventories rose by 3.52 million barrels in the week ended April 18, surpassing expectations for a build of 2.27 million barrels.
Total U.S. crude oil inventories stood at an all-time high of 397.7 million barrels as of last week.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for June delivery eased up 0.2%, or 21 cents, to trade at $109.33 a barrel, while the spread between the Brent and U.S. crude contracts stood at $7.66 a barrel.