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Oil falls following mixed U.S. data

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Investing.com - Oil futures are trading slightly to the downside in Asia Tuesday as traders digest a pair of mixed data points from the U.S. that were delivered on Monday.

On the New York Mercantile Exchange, light, sweet crude futures for May delivery fell 0.21% to USD96.86 per barrel in Asian trading Tuesday after settling down 0.62% at USD96.63 a barrel on Monday in the U.S.

In U.S. economic news, the Institute for Supply Management's March index fell to 51.3 from 54.2 in February. Readings above 50 indicate expansion. Analysts had expected the index to remain unchanged at 54.2.

In another report, data showed construction spending rose 1.2% in February topping analysts' estimates calling for a 1% increase. The U.S. is the world's largest oil consumer.

Speaking of data points that could really move oil prices later this week, traders are awaiting Friday's non-farm payroll for March from the U.S. Economists expect the world's largest economy to show the addition of 200,000 jobs last month following a surprisingly strong February report that showed 236,000 new jobs were created.

Elsewhere, Syria confirmed rebels there set fire to three oil wells in the eastern part of the country, causing the loss of 5,000 barrels per day in oil production and 52,000 cubic meters of natural gas per day. Media reports said the rebels have actually set nine wells ablaze, but it was not confirmed when the other six were ignited.

The European Union country has sanctions on Syria, which is only a small oil exporter.

Meanwhile, Brent futures for May deliver fell 0.03% to USD110.89 per barrel on the ICE Futures Exchange.

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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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