Investing.com - Crude oil futures extended Thursday's gains into Friday on better-than-expected European and Chinese manufacturing gauges and shrugged off sluggish U.S. home sales figures.
On the New York Mercantile Exchange, light sweet crude futures for delivery in October traded at USD106.69 a barrel during U.S. trading, up 1.58%.
The October contract settled up 1.14% at USD105.03 a barrel on Thursday.
The commodity hit a session low of USD104.32 and a high of USD106.91.
London-based Markit Economics reported Thursday that its flash euro zone manufacturing purchasing managers’ index rose to 51.3 in August from a final reading of 50.3 in July.
Analysts were expecting the index to come in at 50.8.
The flash euro zone services PMI rose to a 24-month high of 51.0 from 49.8 in July, better than market calls for a 50.2 reading.
Elsewhere, a preliminary reading of China’s HSBC manufacturing PMI rose to a 4-month high of 50.1 in August from 47.7 in July.
Analysts were forecasting a 48.3 reading.
Elsewhere, the Commerce Department reported earlier Friday that new home sales in the U.S. dropped 13.4% to 394,000 units in July, far worse than market expectations for a 1.4% decline.
In June, new home sales rose 3.6% to 455,000 units.
The numbers kept expectations going that while the Federal Reserve remains ready to begin scaling back the pace of its USD85 billion in monthly asset purchases this year, a start date may come later such as in December as opposed to September.
Stimulus tools such as monthly bond purchases drive down interest rates to spur recovery, weakening the dollar in the process.
A weaker greenback makes oil an attractively-priced commodity on dollar-denominated exchanges.
Ongoing unrest in the Middle East boosted prices as well.
On the ICE Futures Exchange, Brent oil futures for October delivery were up 1.11% at USD111.12 a barrel, up USD4.43 from its U.S. counterpart.
On the New York Mercantile Exchange, light sweet crude futures for delivery in October traded at USD106.69 a barrel during U.S. trading, up 1.58%.
The October contract settled up 1.14% at USD105.03 a barrel on Thursday.
The commodity hit a session low of USD104.32 and a high of USD106.91.
London-based Markit Economics reported Thursday that its flash euro zone manufacturing purchasing managers’ index rose to 51.3 in August from a final reading of 50.3 in July.
Analysts were expecting the index to come in at 50.8.
The flash euro zone services PMI rose to a 24-month high of 51.0 from 49.8 in July, better than market calls for a 50.2 reading.
Elsewhere, a preliminary reading of China’s HSBC manufacturing PMI rose to a 4-month high of 50.1 in August from 47.7 in July.
Analysts were forecasting a 48.3 reading.
Elsewhere, the Commerce Department reported earlier Friday that new home sales in the U.S. dropped 13.4% to 394,000 units in July, far worse than market expectations for a 1.4% decline.
In June, new home sales rose 3.6% to 455,000 units.
The numbers kept expectations going that while the Federal Reserve remains ready to begin scaling back the pace of its USD85 billion in monthly asset purchases this year, a start date may come later such as in December as opposed to September.
Stimulus tools such as monthly bond purchases drive down interest rates to spur recovery, weakening the dollar in the process.
A weaker greenback makes oil an attractively-priced commodity on dollar-denominated exchanges.
Ongoing unrest in the Middle East boosted prices as well.
On the ICE Futures Exchange, Brent oil futures for October delivery were up 1.11% at USD111.12 a barrel, up USD4.43 from its U.S. counterpart.