Investors also mulled over the supply scenario against the backdrop of developments in eastern
Earlier today, data released by the
Gasoline stocks dropped by 1.8 million barrels last week, while analysts anticipated a decline of 0.2 million barrels. Inventories of distillate, including heating fuel, declined 0.2 million barrels, even as analysts anticipated an increase of 0.29 million barrels. The EIA report also showed a decline of about 1.5 million barrels at Cushing storage hub last week.
Meanwhile, industry data released by the
Investors also weighed some positive economic data from the US, with first-time claims for unemployment benefits dropping much more than expected in the week ended
Nevertheless, US gross domestic product declined in the first three months of 2014, primarily reflecting a downward revision to private inventory investment, a
Light Sweet Crude Oil futures for July delivery, the most actively traded contract, gained
Crude prices for July delivery scaled a high of
On Wednesday, crude oil futures ended sharply lower with focus on the official US crude inventory data and developments in
The dollar index, which tracks the US unit against six major currencies, traded at 80.49 on Thursday, down from its previous close of 80.55 late Wednesday in North American trade. The dollar scaled a high of 80.56 intraday and a low of 80.36.
The euro traded higher against the dollar at
In economic news, revised government figures showed the US economy to have contracted by 1% in the first quarter, registering its biggest decline in three years. Economists expected revised figures to show a contraction of about 0.6%.
Meanwhile, personal consumption expenditure in the US rose 3.1% in the first quarter, up from 3.0% in the previous quarter.
Data from the
Most Popular Stories
- Prosecutor to Investigate Walmart Police Shooting
- Mark Sanchez Suddenly a Hot QB Commodity
- GM to Announce New Jobs in Tennessee
- Smith & Wesson Misses Target
- Emirates Hit Libyan Targets With Airstrikes
- Michael Brown Funeral: Can Americans Change the Script of Violence?
- Marco Rubio Warns Obama on Deportations
- American Killed With ISIS Fighters in Syria
- Surf's Up! SoCal Prepares for Big Storm Surf
- Ford Hires 300 at Louisville Lincoln Plant