Investing.com - Oil futures traded lower during Friday’s Asian session after some of the post-Federal Reserve meeting euphoria wore off the commodities complex and despite some solid U.S. data points out Thursday.
On the New York Mercantile Exchange, light, sweet crude futures for November delivery fell 0.34% to USD105.50 per barrel in Asian trading Friday. The November contract settled down 1.32% to USD105.86 per barrel on Thursday.
Prices soared on Wednesday after the Energy Information Administration reported that U.S. crude oil stockpiles dropped by 4.37 million barrels in the week ending Sept. 13, well beyond expectations for a decline of 1.39 million barrels and far past a decline of 219,000 barrels in the previous week.
Profit-taking kicked in by Thursday, especially on sentiment that a U.S.-led attack on Syria is becoming increasingly less likely now that diplomatic efforts appear to poised to prompt Damascus to hand over its cache of chemical weapons.
Traders largely glossed over some encouraging U.S. data points. In U.S. economic news out Thursday, the National Association of Realtors said sales of previously owned homes rose 1.7% to 5.48 million units last month. That is good for the best reading since early 2007.
The Philadelphia Federal Reserve Bank said its Philly Fed manufacturing survey climbed to 22.3 in September, the highest since March 2011, from 9.3 in August. Economists expected a September reading of 10.
Readings above zero indicates expansion in the region's manufacturing. The survey covers factories in eastern Pennsylvania, southern New Jersey and Delaware. The new orders index surged to 21.2 from 5.3, also a 2½-year high, while employment hit a 17-month high of 10.3 from 3.5.
The Conference Board said its index of leading economic indicators rose 0.7% last month following a 0.5% increase in July. The Labor Department said initial claims for jobless benefits rose by 15,000 to 309,000 last week. Economists expected reading of 330,000 claims. The less volatile four-week moving average fell to 314,750, the lowest since October 2007.
Elsewhere, what was supposed to be one of the most significant oil auctions in Brazil has drawn little interest from non-state owned companies as Exxon, Chevron and BP, among others have opted not to participate.
Meanwhile, Brent futures for November delivery fell 0.06% to USD108.64 per barrel on the ICE Futures Exchange.
On the New York Mercantile Exchange, light, sweet crude futures for November delivery fell 0.34% to USD105.50 per barrel in Asian trading Friday. The November contract settled down 1.32% to USD105.86 per barrel on Thursday.
Prices soared on Wednesday after the Energy Information Administration reported that U.S. crude oil stockpiles dropped by 4.37 million barrels in the week ending Sept. 13, well beyond expectations for a decline of 1.39 million barrels and far past a decline of 219,000 barrels in the previous week.
Profit-taking kicked in by Thursday, especially on sentiment that a U.S.-led attack on Syria is becoming increasingly less likely now that diplomatic efforts appear to poised to prompt Damascus to hand over its cache of chemical weapons.
Traders largely glossed over some encouraging U.S. data points. In U.S. economic news out Thursday, the National Association of Realtors said sales of previously owned homes rose 1.7% to 5.48 million units last month. That is good for the best reading since early 2007.
The Philadelphia Federal Reserve Bank said its Philly Fed manufacturing survey climbed to 22.3 in September, the highest since March 2011, from 9.3 in August. Economists expected a September reading of 10.
Readings above zero indicates expansion in the region's manufacturing. The survey covers factories in eastern Pennsylvania, southern New Jersey and Delaware. The new orders index surged to 21.2 from 5.3, also a 2½-year high, while employment hit a 17-month high of 10.3 from 3.5.
The Conference Board said its index of leading economic indicators rose 0.7% last month following a 0.5% increase in July. The Labor Department said initial claims for jobless benefits rose by 15,000 to 309,000 last week. Economists expected reading of 330,000 claims. The less volatile four-week moving average fell to 314,750, the lowest since October 2007.
Elsewhere, what was supposed to be one of the most significant oil auctions in Brazil has drawn little interest from non-state owned companies as Exxon, Chevron and BP, among others have opted not to participate.
Meanwhile, Brent futures for November delivery fell 0.06% to USD108.64 per barrel on the ICE Futures Exchange.