OPEC NEWS:- Oil futures fall to 1-week low ahead of OPEC meeting

COMMODITY GAIN TIPS:-CRUDEOIL OPEC NEWS MEETING:-Crude oil futures fell to a one-week low on Friday, as market participants remained cautious ahead of a key meeting of the Organization of the Petroleum Exporting Counties in Vienna scheduled later in the day.
On the New York Mercantile Exchange, crude oil for July delivery hit $57.73 during European early afternoon hours, down 25 cents, or 0.44%. A day earlier, Nymex oil prices dropped $1.64, or 2.75%, to end at $58.00.
The U.S. Energy Information Administration said in its weekly report on Thursday that U.S. crude oil inventories fell by 1.9 million barrels last week, the fifth straight weekly decline.
Market analysts’ expected a crude-stock fall of 1.7 million barrels, while the American Petroleum Institute late Tuesday reported an increase of 1.8 million barrels.
Total U.S. crude oil inventories stood at 477.4 million barrels, remaining near levels not seen for this time of year in at least the last 80 years.
Investors were looking data on U.S. nonfarm payrolls due later Friday for further indications on the strength of the job market.
On Thursday, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending May 30 declined by 8,000 to 276,000 from the previous week’s revised total of 284,000. Analysts had expected initial jobless claims to fall by 5,000 to 279,000 last week.
The report came a day after data showed that the U.S. private sector added 201,000 jobs last month, slightly ahead of expectations for 200,000.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for July delivery lost 6 cents, or 0.10%, to trade at $61.95 a barrel. On Thursday, London-traded Brent futures tumbled $1.77, or 2.77%, to settle at $62.03.
The spread between the Brent and the WTI crude contracts stood at $4.22 a barrel.

Post Comment