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Oil trades slightly higher as traders fret about U.S. data

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Investing.com - " Oil futures traded slightly higher during Friday's Asian, although traders appeared pensive that the recent U.S. government shutdown will weigh on oil demand and prices in the near-term.

On the New York Mercantile Exchange, light, sweet crude futures for November delivery rose 0.11% to USD100.78 per barrel in Asian trading Friday. The November contract settled lower by 1.58% at USD100.67 per barrel Thursday.

Oil was pressure Thursday due to some mixed U.S. economic data points. In U.S. economic news out Thursday, the Labor Department said the number of individuals filing for initial jobless benefits last week declined by 15,000 to a seasonally adjusted 358,000 from a downwardly revised 373,000 in the preceding week.

Analysts had expected U.S. jobless claims to decline to 335,000 last week. A separate report showed that the Philly Fed manufacturing index ticked down to 19.8 from 22.3 in September, but came in above expectations for a reading of 15.0.

Traders appear to be betting that because the U.S. government was closed for more than two weeks, fourth-quarter economic output will be hampered with no means for the world's largest economy to recapture that lost growth.

The Fed has previously pledged to keep its easing program in place until the U.S. economy shows sufficient strength. The central has also said its time line for tapering is not tied to a calendar, but rather economic data.

Elsewhere, OPEC member Angola, Africa's second-biggest oil producer after Nigeria, raised taxes on oil producers there in a bid to boost government revenue.

Meanwhile, Brent futures for November delivery rose 0.24% to USD109.25 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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