Investing.com - Crude oil futures were lower during European morning hours on Thursday, trading close to a two-week low as oil facilities in the Gulf of Mexico managed to escape significant damage from Hurricane Isaac.
Market players also looked ahead to a speech by Federal Reserve chairman Ben Bernanke at an annual symposium in Jackson Hole, Wyoming on Friday.
On the New York Mercantile Exchange, light sweet crude futures for delivery in October traded at USD95.33 a barrel during European morning trade, shedding 0.2%.
Prices were stuck in a tight range of USD94.92 a barrel, the daily low and a session high of USD95.33 a barrel.
The U.S. National Hurricane Center downgraded Isaac to a tropical storm from a Category 1 hurricane, after it made landfall in southern Louisiana on Wednesday.
The agency said that the storm was likely to weaken further in the next 48 hours.
The news eased concerns over a disruption to supplies from the Gulf, as the storm spared most oil production facilities from significant damage.
Energy traders track tropical storm activity in the event it disrupts production in the Gulf of Mexico, which is home to 23% of U.S. oil production.
Meanwhile, a surprise increase in U.S. oil stockpiles also weighed on prices. Weekly data from the U.S. Energy Department showed that crude oil supplies rose by 3.8 million barrels last week, confounding expectations for a decline of 1.48 million barrels.
The U.S. is the world’s biggest oil-consuming country, responsible for almost 22% of global oil demand.
Oil traders continued to eye a speech by Federal Reserve chairman Bernanke at the central bank’s annual symposium in Jackson Hole on Friday, amid ongoing speculation over how close the Fed is to implementing more stimulus measures.
Bernanke's speech at Jackson Hole precedes the central bank’s two-day policy meeting beginning September 12, and he has used the event in the previous two years to flag the Fed's intention for more easing.
Data on Wednesday showed that U.S. pending home sales rose to the highest level since April 2010 in July while a separate report showed that the U.S. economy grew at a faster rate than initially expected in the second quarter.
Meanwhile, there are also expectations in the market that the European Central Bank is working on measures to help stabilize the euro zone's sovereign debt markets, ahead of its next policy meeting on September 6.
In an article published in German’s Die Zeit newspaper, ECB President Mario Draghi said that the central bank needs to employ "exceptional measures" with monetary policy, while acting within its mandate.
The ECB president had been due to speak at the Jackson Hole summit on Saturday, one day after Bernanke’s speech, but he pulled out, citing his "heavy workload”.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for October delivery added 0.45% to trade at USD113.04 a barrel, with the spread between the Brent and crude contracts standing at USD17.71 a barrel.
Market players also looked ahead to a speech by Federal Reserve chairman Ben Bernanke at an annual symposium in Jackson Hole, Wyoming on Friday.
On the New York Mercantile Exchange, light sweet crude futures for delivery in October traded at USD95.33 a barrel during European morning trade, shedding 0.2%.
Prices were stuck in a tight range of USD94.92 a barrel, the daily low and a session high of USD95.33 a barrel.
The U.S. National Hurricane Center downgraded Isaac to a tropical storm from a Category 1 hurricane, after it made landfall in southern Louisiana on Wednesday.
The agency said that the storm was likely to weaken further in the next 48 hours.
The news eased concerns over a disruption to supplies from the Gulf, as the storm spared most oil production facilities from significant damage.
Energy traders track tropical storm activity in the event it disrupts production in the Gulf of Mexico, which is home to 23% of U.S. oil production.
Meanwhile, a surprise increase in U.S. oil stockpiles also weighed on prices. Weekly data from the U.S. Energy Department showed that crude oil supplies rose by 3.8 million barrels last week, confounding expectations for a decline of 1.48 million barrels.
The U.S. is the world’s biggest oil-consuming country, responsible for almost 22% of global oil demand.
Oil traders continued to eye a speech by Federal Reserve chairman Bernanke at the central bank’s annual symposium in Jackson Hole on Friday, amid ongoing speculation over how close the Fed is to implementing more stimulus measures.
Bernanke's speech at Jackson Hole precedes the central bank’s two-day policy meeting beginning September 12, and he has used the event in the previous two years to flag the Fed's intention for more easing.
Data on Wednesday showed that U.S. pending home sales rose to the highest level since April 2010 in July while a separate report showed that the U.S. economy grew at a faster rate than initially expected in the second quarter.
Meanwhile, there are also expectations in the market that the European Central Bank is working on measures to help stabilize the euro zone's sovereign debt markets, ahead of its next policy meeting on September 6.
In an article published in German’s Die Zeit newspaper, ECB President Mario Draghi said that the central bank needs to employ "exceptional measures" with monetary policy, while acting within its mandate.
The ECB president had been due to speak at the Jackson Hole summit on Saturday, one day after Bernanke’s speech, but he pulled out, citing his "heavy workload”.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for October delivery added 0.45% to trade at USD113.04 a barrel, with the spread between the Brent and crude contracts standing at USD17.71 a barrel.