Crude oil futures edged lower on Thursday, as investors assessed the supply outlook in Iraq and demand prospects from the U.S.
On the New York Mercantile Exchange, crude oil for delivery in August tacked on 0.07%, or 7 cents, to trade at $106.58 a barrel during European morning hours. Futures held in a range between $106.54 and $106.85 a barrel.
U.S. oil futures ended up 0.44%, on Wednesday to settle at $106.50. New York-traded oil futures were likely to find support at $105.25 a barrel, the low from June 24 and resistance at $107.50 a barrel, the high from June 25.
The Commerce Department said Wednesday that the U.S. economy shrank at an annual rate of 2.9% in the first three months of the year, compared to the consensus forecast for a decline of 1.7%.
U.S. first quarter GDP revised report showed a contraction of 1.0%. Before revision GDP reported increase by 0.1%.
Crude
oil futures edged lower on Thursday, as investors assessed the supply
outlook in Iraq and demand prospects from the U.S.
On the New
York Mercantile Exchange, crude oil for delivery in August tacked on
0.07%, or 7 cents, to trade at $106.58 a barrel during European
morning hours. Futures held in a range between $106.54 and $106.85 a
barrel.
U.S. oil futures ended up 0.44%, on Wednesday to
settle at $106.50. New York-traded oil futures were likely to find
support at $105.25 a barrel, the low from June 24 and resistance at
$107.50 a barrel, the high from June 25.
The Commerce
Department said Wednesday that the U.S. economy shrank at an annual
rate of 2.9% in the first three months of the year, compared to the
consensus forecast for a decline of 1.7%.
U.S. first quarter
GDP revised report showed a contraction of 1.0%. Before revision GDP
reported increase by 0.1%.
U.S. durable goods orders fell 1.0%
in May, the first decline in four months.
Weekly supply data
released Wednesday showed that U.S. crude oil inventories increased
by 1.7 million barrels to 388.1 million as of last week, compared to
expectations for a decline of 1.6 million barrels.
On the ICE
Futures Exchange in London, August Brent oil contracts dipped 18
cents, to trade at $113.82 a barrel.
There are concerns about
ongoing sectarian violence in Iraq, OPEC’s second-biggest oil
producer. However, oil prices have failed to break higher in recent
sessions as the fighting has not yet spread to the southern part of
the country, the location of Iraq’s main oilfields
