Investing.com - Crude oil futures declined on Friday, as investors eyed the release of highly anticipated economic reports from the U.S., while markets were jittery ahead of a meeting of euro zone finance ministers to be held later in the day.
On the New York Mercantile Exchange, light sweet crude futures for delivery in May traded at USD92.92 a barrel during European morning trade, down 0.64%.
Investors remained cautious as the Eurogroup of finance ministers was to meet later in the day Dublin and were expected to discuss whether to give Ireland and Portugal an extension on their bailout loan repayments.
Cyprus was are also slated to be discussed at the meeting, after the country's government confirmed on Thursday that the cost of its bailout has risen to EUR23 billion EUR17.5 billion.
In the U.S., the Department of Labor on Thursday said the number of people who filed for unemployment assistance in the U.S. fell by 42,000 to a seasonally adjusted 346,000, last week compared to expectations for a decrease of 23,000 to 365,000.
Jobless claims for the preceding week were revised up to 388,000 from a previously reported increase of 385,000.
The data eased concerns that the recovery in the labor market was losing momentum after U.S. nonfarm payrolls data for March came in far below expectations.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for May delivery retreated 0.52% to trade at USD103.71 a barrel, with the spread between the Brent and crude contracts standing at USD10.79 a barrel.
On the New York Mercantile Exchange, light sweet crude futures for delivery in May traded at USD92.92 a barrel during European morning trade, down 0.64%.
Investors remained cautious as the Eurogroup of finance ministers was to meet later in the day Dublin and were expected to discuss whether to give Ireland and Portugal an extension on their bailout loan repayments.
Cyprus was are also slated to be discussed at the meeting, after the country's government confirmed on Thursday that the cost of its bailout has risen to EUR23 billion EUR17.5 billion.
In the U.S., the Department of Labor on Thursday said the number of people who filed for unemployment assistance in the U.S. fell by 42,000 to a seasonally adjusted 346,000, last week compared to expectations for a decrease of 23,000 to 365,000.
Jobless claims for the preceding week were revised up to 388,000 from a previously reported increase of 385,000.
The data eased concerns that the recovery in the labor market was losing momentum after U.S. nonfarm payrolls data for March came in far below expectations.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for May delivery retreated 0.52% to trade at USD103.71 a barrel, with the spread between the Brent and crude contracts standing at USD10.79 a barrel.