Some upbeat economic data from the US also boosted oil prices with industrial production increasing more than expected in July though consumer sentiment deteriorated more than anticipated.
Oil prices shot up on news that
A convoy of Russian vehicles carrying aid for rebel-held areas in eastern
Recent data has shown an upswing in crude oil supplies amid signs that global demand for energy products may wane. Economic growth in
Light Sweet Crude Oil futures for September delivery, the most actively traded contract, soared
Crude prices for September delivery scaled a high of
On Thursday, crude oil futures dropped 2% to its lowest since January, on demand growth concerns after some weak economic data from the US and on the unexpected increase in US oil stockpiles last week.
The dollar index, which tracks the US unit against six major currencies, traded at 81.45 on Friday, down from its previous close of 81.62 late Thursday in North American trade. The dollar scaled a high of 81.62 intraday and a low of 81.38.
The euro traded higher against the dollar at
In economic news from the US, a Federal Reserve report showed industrial production to have risen by 0.4% in July, matching the upwardly revised increase reported for June. Economists expected production to rise by 0.3% compared to the 0.2% uptick originally reported for the previous month.
The bigger than expected increase in production was largely due to the jump in manufacturing output, which surged 1.0% in July after climbing by an upwardly revised 0.3% in June.
A preliminary report from
The New York Fed said its general business conditions index dropped to 14.7 in August from 25.6 in July, although a positive reading continues to indicate an increase in regional manufacturing activity. The index has been expected to dip to a reading of 20.0. The bigger than expected pullback by the general business conditions index after having reached a four-year high in the previous month.
Higher food prices contributed to the modest increase by the producer price index, as food prices rose by 0.4% in July after falling by 0.2% in each of the two previous months.
Most Popular Stories
- Bently Creates Alabama Small Business Commission
- California King Fire Roars Out of Control
- Mercedes Rolls Out S550 Plug-in Hybrid
- Is Alibaba's IPO Price a Fairytale?
- Kardashian: Kanye Never Told Fan in Wheelchair to Stand Up
- SBA Kicks off Hispanic Heritage Month
- CalPERS Pulls Out of Hedge Funds
- Poverty Rate Drops for First Time Since 2006
- Two-thirds of Hispanics Doubt Media Accuracy
- U.S. Tobacco Growers Lose Last of Price Supports