Investing.com – Crude oil futures wavered between small gains and losses on Thursday, following the release of mixed U.S. data on manufacturing activity and jobless claims, while prices remained supported amid fears over a disruption to supplies in the Gulf of Mexico.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in October traded at USD88.88 a barrel during U.S. morning trade, easing up 0.07%.
It earlier fell as much as 0.65% to trade at a daily low of USD88.23 a barrel.
The U.S. Institute for Supply Management said earlier that its index of purchasing managers fell to 50.6 in August from 50.9 in July, the lowest level since July 2009.
Analysts had expected the ISM index of purchasing managers to decline to 48.5 in August.
A separate report showed that the number of individuals filing for initial jobless benefits in the U.S. fell by 12,000 last week to a seasonally adjusted 409,000, broadly in line with expectations.
The previous week’s figure was revised up to 421,000 from 417,000.
Crude prices found support after the U.S. National Hurricane Center said earlier that Tropical Storm Katia strengthened into a hurricane over the Atlantic overnight, while another storm system could become a named storm this week.
Oil giant British Petroleum said it began to evacuate more than 500 non-essential workers from four platforms in the region.
Energy traders track tropical storm activity in the event it disrupts production in the Gulf of Mexico, which is home to 29% of U.S. oil production.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for October delivery added 0.12% to trade at USD114.78 a barrel, up USD25.90 on its U.S. counterpart.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in October traded at USD88.88 a barrel during U.S. morning trade, easing up 0.07%.
It earlier fell as much as 0.65% to trade at a daily low of USD88.23 a barrel.
The U.S. Institute for Supply Management said earlier that its index of purchasing managers fell to 50.6 in August from 50.9 in July, the lowest level since July 2009.
Analysts had expected the ISM index of purchasing managers to decline to 48.5 in August.
A separate report showed that the number of individuals filing for initial jobless benefits in the U.S. fell by 12,000 last week to a seasonally adjusted 409,000, broadly in line with expectations.
The previous week’s figure was revised up to 421,000 from 417,000.
Crude prices found support after the U.S. National Hurricane Center said earlier that Tropical Storm Katia strengthened into a hurricane over the Atlantic overnight, while another storm system could become a named storm this week.
Oil giant British Petroleum said it began to evacuate more than 500 non-essential workers from four platforms in the region.
Energy traders track tropical storm activity in the event it disrupts production in the Gulf of Mexico, which is home to 29% of U.S. oil production.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for October delivery added 0.12% to trade at USD114.78 a barrel, up USD25.90 on its U.S. counterpart.