Investing.com - Oil futures traded slightly higher in Friday’s Asian session with West Texas Intermediate clinging to the psychologically important USD105 per barrel level.
On the New York Mercantile Exchange, light, sweet crude futures for September delivery inched up 0.02% to USD105.51 per barrel in Asian trading Friday.
During Thursday’s U.S. session, upside for oil was capped due to some disappointing jobs data. In U.S. economic news out Thursday, the U.S. Labor Department said initial claims for jobless benefits rose by 7,000 to 343,000 last week. Economists expected a reading of 340,000 new claims. The unemployment rate among people eligible for benefits dropped to 2.3 percent in the week ended July 13 from 2.4 percent the prior week, according to Bloomberg.
Durable goods orders jumped 4.2% in June after a revised 5.2% increase in May. Analysts expected an increase of just 1.4%.
Core durable goods orders, which exclude volatile transportation items, were flat in June, missing expectations for a 0.5% increase.
Elsewhere, Halliburton, the world’s second-largest oilfield services, admitted earlier Friday that it destroyed evidence related to the 2010 Gulf of Mexico oil spill, according to the Justice Department. In another matter, Baker Hughes and Halliburton confirmed they are being investigated by the Justice Department for anti-competitive practices in the U.S. fracking industry.
U.S oil giant Marathon is reportedly mulling the sale of its stake in offshore partnership in Libya. Libya, home to Africa’s largest oil reserves, has seen production hampered because of violence near oil assets.
Meanwhile, Brent futures for September delivery inched down 0.02% to USD107.65 per barrel.
On the New York Mercantile Exchange, light, sweet crude futures for September delivery inched up 0.02% to USD105.51 per barrel in Asian trading Friday.
During Thursday’s U.S. session, upside for oil was capped due to some disappointing jobs data. In U.S. economic news out Thursday, the U.S. Labor Department said initial claims for jobless benefits rose by 7,000 to 343,000 last week. Economists expected a reading of 340,000 new claims. The unemployment rate among people eligible for benefits dropped to 2.3 percent in the week ended July 13 from 2.4 percent the prior week, according to Bloomberg.
Durable goods orders jumped 4.2% in June after a revised 5.2% increase in May. Analysts expected an increase of just 1.4%.
Core durable goods orders, which exclude volatile transportation items, were flat in June, missing expectations for a 0.5% increase.
Elsewhere, Halliburton, the world’s second-largest oilfield services, admitted earlier Friday that it destroyed evidence related to the 2010 Gulf of Mexico oil spill, according to the Justice Department. In another matter, Baker Hughes and Halliburton confirmed they are being investigated by the Justice Department for anti-competitive practices in the U.S. fracking industry.
U.S oil giant Marathon is reportedly mulling the sale of its stake in offshore partnership in Libya. Libya, home to Africa’s largest oil reserves, has seen production hampered because of violence near oil assets.
Meanwhile, Brent futures for September delivery inched down 0.02% to USD107.65 per barrel.