Crude Oil Recovers On US Economic Data After Early Slide

Reuters

NEW YORK, Aug 21 (Reuters) - U.S. and Brent crude futures rose on Thursday, lifted by supportive economic data from the United States after a plentiful supply picture and Chinese economic data had earlier pressured prices.

Sales of existing U.S. homes rose to a 10-month high in July and the number of initial jobless claims fell last week, signaling third-quarter strength in the economy.

Separate reports on Thursday showing factory activity in the mid-Atlantic region in August at its highest level since March 2011, and a gauge of future economic activity up solidly last month, added to the hopes for improving demand for oil.

"U.S. crude might have a gotten a little ahead of itself to the downside recently given the strong demand from U.S. refiners and the relative of strength of the U.S. economy, as this morning's data show," said John Kilduff, partner at Again Capital LLC.

The world's top crude oil benchmarks have both fallen more than $10 a barrel since June on a build-up of supply in the Atlantic Basin and continued production from Iraq and Libya despite the risk of supply disruption from the region's conflicts.

U.S. October crude futures rose 51 cents to settle at $93.96 a barrel, reversing earlier losses that sent prices to $92.50, the lowest since Jan. 15.

The U.S. September contract expired on Wednesday at $96.07, up $1.59 on the day and with the premium of the front-month over the nearby contract <CLc1-CLc2> reaching $3.12 intraday.


123

View Full Article

Copyright 2016 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Functional Consultant Job
Expertise: IT - Analysis & Management|IT - Software Development|Project Management
Location: Denver, CO
 
Corporate Sales - Marcellus Shale - Surface
Expertise: Sales
Location: Pennsylvania, PA
 
Corporate Sales - Surface Wellhead
Expertise: Sales
Location: Dallas, TX
 
search for more jobs

Brent Crude Oil : $54.94/BBL 0.88%
Light Crude Oil : $51.79/BBL 0.21%
Natural Gas : $3.65/MMBtu 6.10%
Updated in last 24 hours