News Column

Crude Oil Claws Back Near USD95 But Set For Monthly Loss

August 29, 2014

WASHINGTON (Alliance News) - Crude oil prices continued to rebound Friday morning amid concerns about supplies from Russia and parts of the Middle East.

US crude was up 27 cents at USD94.84 a barrel, helped by this week's data showing the US economy grew 4.2% in the second quarter. The US remains the world's biggest consumer of oil.

Despite this week's modest gains, oil is track for a monthly loss of 2.5%.

On the economic front, the Commerce Department is scheduled to release its personal income and spending report for July at 8:30 am ET. Economists expect personal income to rise by 0.3% month-over-month and personal spending by 0.2%.

MNI Indicators is due to release the results of its manufacturing purchasing managers' survey for the Chicago region. The business barometer for the region is expected to come in at 56.4 in August compared to 52.6 in June.

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Source: Alliance News

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