Thursday, August 30, 2012

Crude oil futures prices outlook 8/31/2012

Crude oil futures prices outlook 8/31/2012, brent crude : Crude oil futures were lower in Asian trading hours on Friday. On the New York Mercantile Exchange, Crude oil futures for October delivery traded at USD94.60 a barrel at time of writing falling 0.02%.

It earlier traded at a session low USD94.52 a barrel. Crude oil was likely to find support at USD93.96 and resistance at USD97.72. US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, fell 0.09% to trade at USD81.65.

Elsewhere on the ICE, Brent oil for October delivery fell 0.01% to trade at USD112.72 a barrel, with the spread between the Brent oil and Crude oil contracts standing at USD18.12 a barrel.

U.S. Energy Information Administration said in its weekly report on Wednesday that U.S. crude oil inventories rose by 3.78 million barrels in the week end August 24, beating out expectations for a decline of 1.48 million barrels.

U.S. crude supplies fell by 5.41 million barrels in the preceding week. Total U.S. crude oil inventories stood at 364.5 million barrels as of last week.

Total motor gasoline inventories decreased by 1.51 million barrels compared to expectations for a decline of 1.42 million barrels, after falling by 962,000 barrels in the preceding week.

Meanwhile, soft jobs figures in the U.S. kept the growth-sensitive commodity at bay as well.

The Labor Department earlier reported that the number of people who filed for unemployment assistance in the U.S. last week held steady at 374,000, compared to expectations for a decline of 4,000.

A separate report showed that personal income in the U.S. rose by 0.3% in July, which matched forecasts, after rising by a revised 0.3% in June.

Personal spending rose 0.4%, in line with expectations after a flat reading in June.

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