Investing.com - Oil futures fell modestly in Friday’s Asian session as it appears crude is falling victim to some mild profit-taking following a strong run during Thursday’s U.S. session.
On the New York Mercantile Exchange, light, sweet crude futures for February delivery fell 0.05% to USD95.91 per barrel in Asian trading Friday. West Texas Intermediate settled at USD96.06 a barrel on Thursday, up 0.87% on the session.
Some positive economic data points out of major global economies boosted oil on Thursday. Germany’s manufacturing purchasing managers’ index rose to 48.8 in January from 46.0 in December, outpacing analysts' calls a 46.8 reading.
Germany’s service sector expanded at its fastest pace in over a year, with the services PMI rising to 55.3 for January compared with 52.0 in December.
Meanwhile, the eurozone manufacturing PMI rose to a 10-month high and hit 47.5 in January from 46.1 in December, while the services PMI came in at 48.3 from 47.8 in December. Both figures beat market analysts' forecasts.
In U.S. economic news, initial claims for jobless benefits fell by 5,000 last week to 330,000, a five-year low. Economists expected a reading of 355,000 claims. Continuing claims fell by 71,000 to 3.16 million.
The Conference Board said its index of leading economic indicators rose 0.5% to 93.9 in December after being unchanged in November. Economists expected a December increase of 0.3%. The U.S. is the world’s largest oil consumer.
Elsewhere, fears of an attack on oil assets in Libya have escalated in recent and the OPEC member has boosted security at some oil facility in recent days. Libya is home to Africa’s largest oil reserves. Libya has increased security at oil fields along the Tunisian, Algerian and Niger borders.
Meanwhile, Brent crude for March delivery slipped 0.12% to USD113.14 per barrel on the ICE Futures Exchange.
On the New York Mercantile Exchange, light, sweet crude futures for February delivery fell 0.05% to USD95.91 per barrel in Asian trading Friday. West Texas Intermediate settled at USD96.06 a barrel on Thursday, up 0.87% on the session.
Some positive economic data points out of major global economies boosted oil on Thursday. Germany’s manufacturing purchasing managers’ index rose to 48.8 in January from 46.0 in December, outpacing analysts' calls a 46.8 reading.
Germany’s service sector expanded at its fastest pace in over a year, with the services PMI rising to 55.3 for January compared with 52.0 in December.
Meanwhile, the eurozone manufacturing PMI rose to a 10-month high and hit 47.5 in January from 46.1 in December, while the services PMI came in at 48.3 from 47.8 in December. Both figures beat market analysts' forecasts.
In U.S. economic news, initial claims for jobless benefits fell by 5,000 last week to 330,000, a five-year low. Economists expected a reading of 355,000 claims. Continuing claims fell by 71,000 to 3.16 million.
The Conference Board said its index of leading economic indicators rose 0.5% to 93.9 in December after being unchanged in November. Economists expected a December increase of 0.3%. The U.S. is the world’s largest oil consumer.
Elsewhere, fears of an attack on oil assets in Libya have escalated in recent and the OPEC member has boosted security at some oil facility in recent days. Libya is home to Africa’s largest oil reserves. Libya has increased security at oil fields along the Tunisian, Algerian and Niger borders.
Meanwhile, Brent crude for March delivery slipped 0.12% to USD113.14 per barrel on the ICE Futures Exchange.