News Column

Crude Oil Holds Below USD106 Ahead Of US Consumer Sentiment

June 27, 2014

WASHINGTON (Alliance News) - Crude oil prices are up marginally Friday morning with traders keeping a close eye on news from Iraq.

Sunni jihadists continue to establish positions across the north and west of Iraq, prompting talk the country will dissolve along sectarian lines.

Meanwhile, a recent string of downbeat economic data and a rise in US crude stockpiles have raised demand concerns.

A report released by the Commerce Department on Thursday showed a smaller than expected increase in US personal spending.

Traders today are looking ahead to the final consumer sentiment reading for June from the University of Michigan.

Crude oil futures for August delivery are up USD0.09 or 0.08% at USD105.93 a barrel.

On Thursday, crude oil futures ended at a two-week low at USD105.84 a barrel, losing USD0.66 or 0.6%, after scaling a high of USD106.81 a barrel intraday.

Meanwhile, natural gas is up USD0.006 or 0.15% at USD4.448 per million btu.

At 9.55 am ET, Reuters and the University of Michigan will release their final consumer sentiment reading for June. Economists expect the index to be upwardly revised to 81.9 from 81.2 in May.

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Source: Alliance News

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