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Crude oil futures up in Asia trade

Crude oil futures advanced in Asian trade on Friday amid weak U.S. dollar, which made commodities including oil more affordable for investors holding other currencies.

Light Sweet Crude oil futures for July delivery advanced 47 cents to $100.70 a barrel and Brent crude oil futures for July delivery gained 0.39 percent to $115.39 a barrel.

The dollar fell against the euro and yen after several reports including U.S. GDP and jobless claims offered a disappointing view of the U.S. economy on Thursday.

The euro advanced 0.705 percent to $1.4242 against the dollar and greenback declined 0.41 percent to Y80.94 against the yen.

The Commerce Department's second estimate for quarter GDP growth was unrevised at up 1.8 percent annualized and came in lower than the consensus forecast for 2.1 percent. The first quarter remains notably softer than the 3.1 percent pace in the fourth quarter.

The Department of Labor reported that initial jobless claims gained by 10,000 to 424,000 for the week ended may 21 from the previous week's revised figure of 414,000, while economists expected 400,000. The 4-week moving average of initial claims decreased 1,750 to 438,000 from the previous week's revised average of 440,250.

Meanwhile, crude prices are expected to stay above $100 a barrel ahead of the Memorial Day extended weekend, which marks the start of summer driving season.

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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