Brent Falls, US Crude Rises As Global Demand Seen Weak

Reuters

NEW YORK, Aug 28 (Reuters) - Brent crude oil fell and U.S. crude rose as ample global supply and lackluster demand pressured the global benchmark while positive U.S. economic data supported oil prices in the world's largest oil consumer.

U.S. gross domestic product expanded at a 4.2 percent annual rate instead of the previously reported 4.0 percent pace, the Commerce Department said on Thursday, reflecting upward revisions to business spending and exports.

Separate reports showed a second consecutive week of declines in the number of Americans filing new claims for unemployment benefits and a jump in home purchase contracts.

"There's better demand here in the U.S. than versus Europe," said Phil Flynn, an analyst with the Price Futures Group in Chicago, Illinois.

Oil supply is expected to exceed demand this year, analysts forecast, and crude oil benchmarks on both sides of the Atlantic Basin are on track to post a second monthly decline.

October Brent crude fell by 26 cents to settle at $102.46 a barrel. Last week, the contract hit a 14-month intraday low of $101.07 and it has been unable this week to break out of the $101-$104 range.

U.S. crude for October rose 67 cents to settle at $94.55 a barrel.


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Brent Crude Oil : $50.75/BBL 0.09%
Light Crude Oil : $47.73/BBL 0.50%
Natural Gas : $3.05/MMBtu 0.97%
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