Oil was little changed in Asian trades Friday amid improving demand outlook after stellar U.S. Non-Farm Payrolls print on Thursday. However, the benchmark is still under pressure amid supply worries that have rattled oil markets for weeks recede.
With major commodities exchanges closed for the Fourth of July holiday on Friday, oil prices was trading in tight ranges following a top-tier jobs data that showed job growth soared in June, with employers adding a massive 288,000 and unemployment falling to almost six-year low, of 6.1% the lowest since September 2008.
- On the New York Mercantile Exchange, crude oil dropped 0.09% to trade at $ 103.97 barrel
- On the ICE Futures Exchange in London, Brent oil was at $ 111.05 a barrel, down up by 0.05%
Crude oil traders continue to monitor developments in the Middle East as the conflict in Iraq shows few signs of a swift resolution, with militants seizing control of the country’s largest oil field.
The fighting poses the single biggest threat to new output this decade within the Organization of Petroleum Exporting Countries, which supplies 40 percent of the world’s oil
In Libya, interim Libyan Prime Minister Abdullah al-Thani announced Wednesday the end to the country`s oil crisis, saying the authorities had regained control of two oil terminals that had been blocked by rebels.
According to reports the government now controls the ports of Ras Lanuf and al-Sidra, which export about half of Libya`s oil.
- NYMEX Gasoline fell 0.09% 0.26 points to trade at $ 301.72
- NYMEX Heating Oil lost 0.02%, 0.05 points to trade at $ 292.81
- ICE Gasoline rose slightly 0.08%, 0.75 points to trade at $ 904.25