Investing.com - Crude oil futures added to losses to hit a one-month low on Thursday, after data showed the U.S. economy grew slower-than-initially expected in the first quarter, fuelling concerns over a slowdown in demand from the world’s largest oil consumer.
Investors now looked ahead to closely-watched weekly supply data on stockpiles of crude and refined products from the U.S. Energy Information Administration later in the day.
On the New York Mercantile Exchange, light sweet crude futures for delivery in July traded at USD92.05 a barrel during U.S. morning trade, down 1.15% on the day.
New York-traded oil prices fell by as much as 1.6% earlier in the day to hit a session low of USD91.68 a barrel, the weakest level since May 2.
The Department of Labor said the number of people who filed for unemployment assistance in the U.S. rose by 10,000 to a seasonally adjusted 354,000 last week, compared to expectations for a decline of 4,000 to 340,000.
Meanwhile, the Commerce Department said U.S. first quarter gross domestic product was revised down to 2.4% from a preliminary reading of 2.5%. Analysts had expected an unchanged reading.
Oil traders now looked ahead to data from the U.S. government on oil and fuel supplies later in the day to gauge the strength of demand from the world’s largest oil consumer.
The report was expected to show that U.S. crude oil stockpiles declined by 0.4 million barrels last week, while gasoline inventories were forecast to rise by a modest 0.1 million barrels.
The report comes out a day later than usual due to Monday’s Memorial Day holiday in the U.S.
After markets closed Wednesday, the American Petroleum Institute, an industry group, said that U.S. crude inventories rose by 4.4 million barrels last week, defying expectations for a drop of 1.1 million barrels.
Gasoline stocks surged 1.94 million barrels, compared to expectations for a 0.2 million barrel increase.
The U.S. is the world’s biggest oil consuming country, responsible for almost 22% of global oil demand.
Market players also shifted their focus to a meeting of the Organization of the Petroleum Exporting Countries in Vienna later this week.
OPEC is forecast to keep its supply target unchanged at 30 million a day on May 31.
Oil prices tumbled sharply on Wednesday after the International Monetary Fund cut its estimate for China's economic growth for this year and the next, fuelling concerns over a slowdown in demand from the world’s second largest oil consumer.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for June delivery dropped 1.15% to trade at USD101.26 a barrel, with the spread between the Brent and crude contracts standing at USD9.21 a barrel.
Investors now looked ahead to closely-watched weekly supply data on stockpiles of crude and refined products from the U.S. Energy Information Administration later in the day.
On the New York Mercantile Exchange, light sweet crude futures for delivery in July traded at USD92.05 a barrel during U.S. morning trade, down 1.15% on the day.
New York-traded oil prices fell by as much as 1.6% earlier in the day to hit a session low of USD91.68 a barrel, the weakest level since May 2.
The Department of Labor said the number of people who filed for unemployment assistance in the U.S. rose by 10,000 to a seasonally adjusted 354,000 last week, compared to expectations for a decline of 4,000 to 340,000.
Meanwhile, the Commerce Department said U.S. first quarter gross domestic product was revised down to 2.4% from a preliminary reading of 2.5%. Analysts had expected an unchanged reading.
Oil traders now looked ahead to data from the U.S. government on oil and fuel supplies later in the day to gauge the strength of demand from the world’s largest oil consumer.
The report was expected to show that U.S. crude oil stockpiles declined by 0.4 million barrels last week, while gasoline inventories were forecast to rise by a modest 0.1 million barrels.
The report comes out a day later than usual due to Monday’s Memorial Day holiday in the U.S.
After markets closed Wednesday, the American Petroleum Institute, an industry group, said that U.S. crude inventories rose by 4.4 million barrels last week, defying expectations for a drop of 1.1 million barrels.
Gasoline stocks surged 1.94 million barrels, compared to expectations for a 0.2 million barrel increase.
The U.S. is the world’s biggest oil consuming country, responsible for almost 22% of global oil demand.
Market players also shifted their focus to a meeting of the Organization of the Petroleum Exporting Countries in Vienna later this week.
OPEC is forecast to keep its supply target unchanged at 30 million a day on May 31.
Oil prices tumbled sharply on Wednesday after the International Monetary Fund cut its estimate for China's economic growth for this year and the next, fuelling concerns over a slowdown in demand from the world’s second largest oil consumer.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for June delivery dropped 1.15% to trade at USD101.26 a barrel, with the spread between the Brent and crude contracts standing at USD9.21 a barrel.