U.S. crude oil ended lower for a second straight session on Friday, as worries over Iraqi oil shipments eased with the country’s parliament scheduled to meet on Tuesday to discuss the process of forming a new government.
Oil futures shed about 1 percent for the week.
Nonetheless, investors closely followed news from Iraq as Sunni jihadists continued to establish positions across the north and west of Iraq, prompting talk the country will dissolve along sectarian lines.
Meanwhile, a recent string of downbeat economic data and a rise in U.S. crude stockpiles have raised demand concerns. A report released by the Commerce Department on Thursday showed a smaller than expected increase in U.S. personal spending, although a upward revision from the preliminary reading of a Thomson Reuters and the University of Michigan report showed consumer sentiment improved in the month of June.
Light Sweet Crude Oil futures for August delivery, the most actively traded contract, shed $0.10 or 0.1 percent to close at $105.74 a barrel on the New York Mercantile Exchange Friday.
Crude prices for August delivery scaled a high of $106.19 a barrel intraday and a low of $105.33.
On Thursday, crude oil futures ended lower on a strong dollar amid fears the sectarian violence in Iraq could disrupt oil supplies from the region.
The dollar index, which tracks the U.S. unit against six major currencies, traded at 80.05 on Friday, down from its previous close of 80.21 late Thursday in North American trade. The dollar scaled a high of 80.22 intraday and a low of 80.03.
The euro traded higher against the dollar at $1.3647 on Friday, as compared to its previous close of $1.3611 late Thursday in North American trade. The euro scaled a high of $1.3647 intraday and a low of $1.3610.
In economic news from the U.S., a Thomson Reuters and the University of Michigan report showed an upward revision in consumer sentiment to a reading of 82.5 in June, from the preliminary reading of 81.2. With the upward revision, the index exceeded economist estimates and came in above the final May reading of 81.9.
Industrial profit rose in May, although at a slower rate than in the previous month, data from China’s National Bureau of Statistics showed on Friday. The growth in industrial profit slowed to 8.9 percent on year in May after profit surged 9.6 percent in April. Profit for the five months ended May were up 9.8 percent, edging down from the 10 percent growth for the four months ended April.
Eurozone economic confidence weakened unexpectedly in June from a 34-month high as the region struggles to lift its growth momentum in the second quarter, with deterioration in industry, construction and consumer confidence. The economic sentiment index fell to 102 in June from a revised 102.6 in May, a survey by the European Commission showed Friday. It was forecast to rise to 103. Nonetheless, the score remains above its long-term average.
U.K. house price inflation picked up further in May, data from Land Registry showed Friday. House prices advanced 6.7 percent year-on-year in May, faster than the 6.3 percent rise in April. At 18.5 percent, the annual increase for London was considerably higher than other regions.
On a monthly basis, overall house prices gained 0.4 versus 1.2 rise in April. This was the second consecutive monthly increase. London again experienced the greatest monthly rise with a movement of 2.5 percent
Published: 2014-06-27 19:45:00 UTC+00
Crude Ends Lower, Sheds 1% For Week
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