Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Crude oil futures edge lower, eyes on U.S. GDP data

CommoditiesFeb 28, 2014 02:53AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Crude oil under pressure ahead of U.S. data

Investing.com - Crude oil futures edged lower during early European trading hours on Friday, as markets eyed the release of U.S. economic growth data later in the day, while Federal Reserve Chairwoman Janet Yellen said the bank will continue tapering its bond purchases.

On the New York Mercantile Exchange, light sweet crude futures for delivery in April traded at USD102.06 a barrel during European morning trade, down 0.34%.

The April contract settled down 0.19% on Thursday to end at USD102.40 a barrel.

Oil futures were likely to find support at USD101.03 a barrel, the low from February 25 and resistance at USD103.45 a barrel, the high from February 24.

The Department of Labor on Thursday said the number of people who filed for unemployment assistance in the U.S. last week fell by 3,000 to 336,000, slightly below expectations for a decline of 4,000.

Oil prices came under pressure on Thursday, after the U.S. Commerce Department said that total durable goods orders, which include transportation items, declined by a seasonally adjusted 1% last month, compared to expectations for a 1.5% drop.

Orders for durable goods in December were revised down to a 5.3% decline from a previously reported drop of 4.2%.

Core durable goods orders, excluding volatile transportation items, increased by a seasonally adjusted 1.1% in January, compared to forecasts for a 0.3% decline. Core durable goods orders in December were revised down to a 1.9% decline from a previously reported drop of 1.3%.

Orders for core capital goods, a key barometer of private-sector business investment, rose 1.7% last month, confounding expectations for a 0.2% decline and after falling 1.8% in December.

Shipments of core capital goods, a category used to calculate quarterly economic growth, dipped 0.8% in January, compared to forecasts for a 1% decline, after rising 0.3% in the preceding month.

Meanwhile, speaking in testimony to the Senate banking committee in Washington, Fed Chair Janet Yellen on Thursday said the central bank will probably continue tapering its asset purchases while tracking data to figure how much recent softness in the economy is due to the weather.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for April delivery edged down 0.07% to trade at USD108.89 a barrel, with the spread between the Brent and crude contracts standing at USD6.83 a barrel.

Crude oil futures edge lower, eyes on U.S. GDP data
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email