Investing.com - New York-traded crude oil futures edged higher
in thin trade on Friday, as investors returned to the market to
seek cheap valuations after prices fell to a six-month low in the
On the New York Mercantile Exchange, light sweet crude futures for
delivery in January inched up 0.46% on Friday to settle the week at
USD92.72 a barrel by close of trade.
Nymex floor trading remained closed on Thursday for the
Thanksgiving Day holiday in the U.S.
The January contract tumbled to USD91.77 a barrel on Wednesday, the
lowest since June 3, before settling at USD92.30 a barrel, down
Nymex oil futures were likely to find support at USD91.77 a barrel,
the low from November 27 and resistance at USD94.69 a barrel, the
high from November 26.
On the week, U.S. oil futures lost 2.23%. For November, Nymex crude
oil saw a 3.2% monthly loss, as ongoing concerns over rising U.S.
inventories and increased production levels weighed.
The U.S. Energy Information Administration reported Wednesday that
crude oil inventories last week rose by 3 million barrels to 391.4
million barrels, the most since June.
Domestic output rose to 8.02 million barrels a day, the highest
level in almost 25 years.
Concerns that the Federal Reserve will start to taper its
bond-buying program at one of its next few meetings also weighed.
The Fed's stimulus program is viewed by many investors as a key
driver in boosting the price of commodities as it tends to depress
the value of the dollar.
In the week ahead, investors will be focusing on Friday's U.S.
nonfarm payrolls report for November. The Fed, which holds its next
meeting on December 17-18, has said the timing of its tapering
depends on the health of the labor and housing markets.
Market players are also looking ahead to a meeting of the
Organization of the Petroleum Exporting Countries in Vienna later
this week. OPEC is forecast to keep its supply target unchanged at
30 million a day on December 4.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures
for January delivery fell 1.06% on Friday to settle the week at
USD109.69 a barrel.
The January Brent contract lost 1.22% on the week, amid
expectations that more Iranian crude will come back to the market
after Western powers reached a historic deal with Tehran over its
nuclear program on November 24.
Meanwhile, the spread between the Brent and the crude contracts
stood at USD16.97 a barrel by close of trade on Friday, narrowing
from more than USD19 a barrel on Wednesday.
Despite the weekly decline, London-traded Brent futures still rose
1.4% on the month amid ongoing concerns over a disruption to
supplies from Libya.
Data released on Sunday showed that China's manufacturing
purchasing managers' index held steady at an 18-month high of 51.4
in November, compared to forecasts for a decline to 51.1.
China is the world's second largest oil consuming nation and
manufacturing numbers are used as indicators for fuel demand
offers an extensive set of professional tools for the financial
Read more News on Investing.com and download the new
Investing.com Stocks & Finance App