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Crude firms on batch of upbeat U.S. economic indicators

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Investing.com -

Investing.com - A fresh crop of better-than-expected U.S. economic indicators sent crude prices rising on Thursday amid perceptions that demand for fuel and energy will increase in the world's largest consumer of crude.

In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in October traded up 0.79% at $94.19 a barrel during U.S. trading. New York-traded oil futures hit a session low of $92.63 a barrel and a high of $94.44 a barrel.

The October contract settled up 0.64% at $93.45 a barrel on Wednesday.

Nymex oil futures were likely to find support at $92.62 a barrel, Tuesday's low, and resistance at $95.14 a barrel, Monday's high.

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 August.

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 in July.

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.

Separately, on the ICE Futures Exchange in London, Brent oil futures for October delivery were up 0.31% and trading at US$102.60 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$8.41 a barrel.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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