Investing.com - Oil futures traded slightly to start the week in Asia as traders are perhaps taking profits after crude booked its eighth consecutive week of gains last week on the back of some encouraging U.S. economic data points.
On the New York Mercantile Exchange, light, sweet crude futures for March delivery fell 0.21% to USD97.56 per barrel. Last week, oil futures rose 1.6%, the eighth consecutive weekly gain. The impressive win streak marks the longest run of weekly gains since August 2004.
Crude was boosted after the the Labor Department said the world’s largest economy added 157,000 new jobs in January, below economists’ expectations calling for 160,000 new jobs. The unemployment rate rose to 7.9% from 7.8%.
Still, riskier assets moved higher after the November and December jobs numbers were revised noticeably higher and a couple of other decent data points were absorbed by market participants.
In other U.S. economic news, University of Michigan-Thomson Reuters consumer sentiment survey rose to a January reading of 73.8, up from 72.9 in December. Economists expected a January reading of 71.5.
The Institute for Supply Management said its manufacturing index for January climbed to 53.1% from 50.2% in December. Economists expected a January reading of 51%. Readings above 50% indicate expansion. The U.S. is the world’s largest oil consumer.
Over the weekend, the National Bureau of Statistics and China Federation of Logistics & Purchasing said China’s non-manufacturing Purchasing Managers’ Index climbed to 56.2 in January from 56.1 in December. Readings above 50 indicate expansion.
Elsewhere, one media report out of the U.S. indicates California’s Monterey Shale could have untapped oil reserves of 15.4 billion barrels, which gives the largest U.S. state by population the potential to one day be the country’s largest oil-producing state.
Meanwhile, Brent crude for March delivery rose 0.08% to USD116.61 per barrel on the ICE Futures Exchange.
On the New York Mercantile Exchange, light, sweet crude futures for March delivery fell 0.21% to USD97.56 per barrel. Last week, oil futures rose 1.6%, the eighth consecutive weekly gain. The impressive win streak marks the longest run of weekly gains since August 2004.
Crude was boosted after the the Labor Department said the world’s largest economy added 157,000 new jobs in January, below economists’ expectations calling for 160,000 new jobs. The unemployment rate rose to 7.9% from 7.8%.
Still, riskier assets moved higher after the November and December jobs numbers were revised noticeably higher and a couple of other decent data points were absorbed by market participants.
In other U.S. economic news, University of Michigan-Thomson Reuters consumer sentiment survey rose to a January reading of 73.8, up from 72.9 in December. Economists expected a January reading of 71.5.
The Institute for Supply Management said its manufacturing index for January climbed to 53.1% from 50.2% in December. Economists expected a January reading of 51%. Readings above 50% indicate expansion. The U.S. is the world’s largest oil consumer.
Over the weekend, the National Bureau of Statistics and China Federation of Logistics & Purchasing said China’s non-manufacturing Purchasing Managers’ Index climbed to 56.2 in January from 56.1 in December. Readings above 50 indicate expansion.
Elsewhere, one media report out of the U.S. indicates California’s Monterey Shale could have untapped oil reserves of 15.4 billion barrels, which gives the largest U.S. state by population the potential to one day be the country’s largest oil-producing state.
Meanwhile, Brent crude for March delivery rose 0.08% to USD116.61 per barrel on the ICE Futures Exchange.