Investing.com - Crude
slipped in Asia on Friday ahead of a speech by Fed Chair Janet
Yellen expected to set the tone for markets.
On the New York Mercantile Exchange, West Texas Intermediate
crude oil for delivery in October traded at $93.90 a barrel, down
0.07%, after hitting an overnight session low of $92.63 a barrel
and a high of $94.44 a barrel.
Brent oil rose to $102.71 a barrel, up 0.42%, on Thursday.
The Federal Reserve Bank of Philadelphia said that its
manufacturing index topped a three-year high of 28.0 this month
from July's 23.9 reading. Analysts had expected the index to
decline to 19.2 in July.
Separately, market research group Markit said that its
preliminary U.S. manufacturing purchasing managers' index increased
to a four-year high of 58.0 this month from a final reading of 55.8
in July. Analysts had expected the index to ease down to 55.7 in
Data also showed that U.S. existing home sales increased 2.4% to
5.15 million units last month from 5.03 million in June. Analysts
had expected existing home sales to dip 0.4% to 5.02 million units
Also on Thursday, the U.S. Department of Labor said the number
of individuals filing for initial jobless benefits in the week
ending Aug. 16 decreased by 14,000 to 298,000 from the previous
week's revised total of 312,000.
Analysts had expected jobless claims to fall by 12,000 to
300,000 last week.
U.S. data offset a disappointing factory gauge out of China, the
world's second-largest consumer of crude oil.
The HSBC/Markit Flash China Manufacturing Purchasing Managers'
Index (PMI) fell to 50.3 from July's 18-month high of 51.7, missing
market forecasts for a 51.5 reading.
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