Investing.com - Escalating tensions in eastern Ukraine sent
rising on Thursday along with upbeat U.S. data, though gains were
somewhat capped by ongoing concerns that the world is awash in
crude, as ongoing military conflicts in eastern Europe and the
Middle East have yet to disrupt supply.
In the New York Mercantile Exchange, West Texas Intermediate
crude oil for delivery in October traded up 0.69% at $94.53 a
barrel during U.S. trading. New York-traded oil futures hit a
session low of $93.46 a barrel and a high of $94.70 a barrel.
The October contract settled up 0.55% at $93.86 a barrel on
Nymex oil futures were likely to find support at $92.50 a
barrel, Thursday's low, and resistance at $95.14 a barrel, the high
from Aug. 18.
A top Ukrainian military official was reported as saying earlier
that a "full-scale invasion" was taking place in the country, while
separate reports that up to 1,000 Russian troops were in Ukraine to
assist pro-Russian rebels boosted oil prices on fears the conflict
may disrupt crude exports out of Russia.
The U.S. has repeatedly said Russian has been meddling in the
fighting in eastern Ukraine, a charge Moscow denies.
Upbeat data gave oil support as well.
The U.S. gross domestic product grew at a revised annualized
rate of 4.2% in the second quarter of this year, according to the
Commerce Department, up from a preliminary estimate of 4.0% and
better than market forecasts for a downward revision to 3.9%.
Elsewhere, the U.S. Department of Labor said the number of
individuals filing for initial jobless benefits in the week ending
Aug. 22 declined by 1,000 to 298,000 from the previous week's
revised total of 299,000.
Analysts were expecting the figure to rise by 1,000 instead of
contract by that amount, which gave the greenback added
A separate report showed that U.S. pending home sales increased
by 3.3% last month, beating expectations for a 0.5% rise. June's
figure was revised to a 1.3% drop from a previously estimated
decline of 1.1%.
Still, supply concerns weighed on the economy.
While the U.S., the world's largest consumer of crude, is on the
mend economically, the global economy still battles headwinds at a
time when oil supplies are ample.
Separately, on the ICE Futures Exchange in London, Brent oil
futures for October delivery were down 0.05% at US$102.67 a barrel,
while the spread between the Brent and U.S. crude contracts stood
at US$8.14 a barrel.
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