WTI oil closes slightly lower amid volatile trading
West Texas Intermediate (WTI) crude futures settled slightly lower on Thursday (July 18) amid volatile trading, with investors weighing data indicating a slowdown in the U.S. economy , which could weaken oil demand, and the prospect of the U.S. Federal Reserve ( Fed ) cutting interest rates.
Meanwhile, WTI crude oil futures for August delivery fell 3 cents, or 0.04%, to settle at $82.82 a barrel.
Brent crude futures for September delivery rose 3 cents, or 0.04%, to settle at $85.11 a barrel.
The Labor Department said initial jobless claims rose 20,000 to a seasonally adjusted 243,000 last week, the highest level since August 12, 2013, and above the economists' forecast of 229,000.
The Federal Reserve's Beige Book report showed that U.S. economic activity expanded only slightly in late May and early July.
John Kilduff, an analyst at Again Capital in New York, said that while the jobless claims indicate a slowdown in the labor market and are a factor in the Fed cutting interest rates, which would help boost oil demand, the rise in jobless claims also signals a slowdown in the economy, which has raised concerns that demand for oil could weaken. That view is holding back the positive momentum for oil prices.
Kilduff also said that while the U.S. Energy Information Administration (EIA) reported that U.S. crude oil inventories fell by 4.8 million barrels for the week, more than analysts had expected, gasoline inventories rose by 3.3 million barrels, against analysts' expectations for a decrease of 1.7 million barrels, another factor that curbed the gains in oil prices.
Meanwhile, WTI crude oil futures for August delivery fell 3 cents, or 0.04%, to settle at $82.82 a barrel.
Brent crude futures for September delivery rose 3 cents, or 0.04%, to settle at $85.11 a barrel.
The Labor Department said initial jobless claims rose 20,000 to a seasonally adjusted 243,000 last week, the highest level since August 12, 2013, and above the economists' forecast of 229,000.
The Federal Reserve's Beige Book report showed that U.S. economic activity expanded only slightly in late May and early July.
John Kilduff, an analyst at Again Capital in New York, said that while the jobless claims indicate a slowdown in the labor market and are a factor in the Fed cutting interest rates, which would help boost oil demand, the rise in jobless claims also signals a slowdown in the economy, which has raised concerns that demand for oil could weaken. That view is holding back the positive momentum for oil prices.
Kilduff also said that while the U.S. Energy Information Administration (EIA) reported that U.S. crude oil inventories fell by 4.8 million barrels for the week, more than analysts had expected, gasoline inventories rose by 3.3 million barrels, against analysts' expectations for a decrease of 1.7 million barrels, another factor that curbed the gains in oil prices.
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