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NYMEX crude flat in Asia, U.S. supply reports awaited

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Investing.com -

Investing.com - Crude oil prices were flat in early Asia on Monday with the market focused on this week's U.S. supply data to determine if the summer driving season is spurring demand.

On the New York Mercantile Exchange, U.S. crude oil for delivery in July traded at $102.66 a barrel, flat, after hitting a daily high of $103.07 a barrel on Friday before subsequently settling at $102.66 by close of trade, up 0.18%.

Last week, West Texas Intermediate oil futures advanced after U.S. nonfarm payrolls data for May indicated that the labor market is continuing to gradually improve.

The Department of Labor said Friday that the U.S. economy added 217,000 jobs last month, just under expectations for jobs growth of 218,000, while April's figure was revised to 282,000.

Meanwhile, prices received additional support amid hopes fresh stimulus measures introduced in the euro zone will help boost growth prospects in the region.

The ECB cut the main refinancing rate in the euro area to a record low 0.15% on Thursday and imposed negative deposit rates on commercial lenders, in a bid to stimulate lending to businesses.

In the week ahead, investors will be looking ahead to Thursday's U.S. retail sales report for further indications on the strength of the economic recovery.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for July delivery shed 0.17%, or 18 cents, on Friday to settle at $108.61 a barrel by close of trade. The July Brent contract lost 0.73% or 80 cents a barrel, on the week.

The spread closed at $5.76 on June 4, the narrowest since April 15, as receding stockpiles at Cushing, Oklahoma, the delivery point for Nymex oil futures, eased concerns over a supply glut.

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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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