Investing.com - Escalating tensions in eastern Ukraine sent
rising on Friday, while upbeat U.S. consumer sentiment data boosted
the commodity as well.
In the New York Mercantile Exchange, West Texas Intermediate
crude oil for delivery in October traded up 1.48% at $95.95 a
barrel during U.S. trading. New York-traded oil futures hit a
session low of $94.49 a barrel and a high of $95.99 a barrel.
The October contract settled up 0.71% at $94.55 a barrel on
Nymex oil futures were likely to find support at $92.50 a
barrel, Thursday's low, and resistance at $98.45 a barrel, the high
from Aug. 8.
Oil prices were up for a third consecutive session Friday on
reports that Russian troops have entered Ukraine to assist
pro-Moscow separatists, which sparked concerns that fresh sanctions
could be slapped on Russia's energy sector.
Upbeat U.S. data supported oil as well on Friday, though the
commodity was still set to post a monthly loss due to sentiments
that despite improvements taking place in the U.S. economy, the
global economy is awash in crude.
In the U.S. earlier, the Thomson Reuters/University of Michigan
revised consumer sentiment index came in at 82.5 this month, up
from a preliminary reading of 79.2 and exceeding expectations for a
reading of 80.1.
July's final reading came in at 81.8, and the uptick in the
final August reading gave oil support as consumer spending drives
the bulk of U.S. economic output.
Separately, data revealed that the Chicago-area purchasing
managers' index rose to 64.3 in August from 52.6 in July, beating
expectations for an increase to 56.0.
On a less positive note, the Bureau of Economic Analysis
reported that U.S. personal spending fell 0.1% last month,
confounding expectations for a 0.2% rise, after an increase of 0.4%
On Thursday, the Commerce Department reported that U.S. economy
grew at a revised annualized rate of 4.2%, up from a preliminary
estimate of 4.0% and better than market forecasts for a downward
revision to 3.9%.
Meanwhile in oil-rich Canada, the country's gross domestic
product expanded by 0.3% in June, in line with expectations.
Year-on-year, Canada's economy grew by 3.1% in June, beating
expectations for a 2.7% expansion.
Separately, on the ICE Futures Exchange in London, Brent oil
futures for October delivery were up 0.73% at US$103.21 a barrel,
while the spread between Brent oil and U.S. crude contracts stood
at US$7.26 a barrel.
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