By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) — Crude-oil futures turned lower Thursday as a rising dollar trumped a positive string of U.S. macroeconomic data that had lifted prices by nearly 1% earlier.
Oil for August delivery CL1Q -0.70% declined 67 cents, or 0.7%, to $97.36 a barrel on the New York Mercantile Exchange.
It had traded as high as $97.27 a barrel earlier.
Futures have closed higher for two consecutive sessions, settling 0 .6% higher the previous day on a larger-than-expected decline in weekly inventories.
Natural gas‘s own inventories report was less rosier, and one that pulled future prices further down.
Natural gas for August delivery NG11Q -2.25% declined 9 cents, or 2.2%, to $4.29 per million British thermal units. It had traded at $4.34 per million Btus before the data.
The Energy Information Administration reported an increase in supplies of 84 billion cubic feet for the week ended July 8. Analysts polled by Platts had expected an increase between 77 and 81 billion cubic feet.
The dollar strengthened against major rivals, gaining as Federal Reserve Chairman Ben Bernanke spoke to Congress on Thursday.
The dollar index DXY +0.30% , which compares the U.S. unit to a basket of six currencies, traded at 75.199 from 75.213 in late North American trading Wednesday, well off its lows for the day and gaining ground. Get real-time currency quotes and trading tools.
Earlier Thursday, oil and other commodities benefitted from a string of positive macroeconomic data.
Sales at U.S. retailers inched up 0.1% in June, the Commerce Department said. That was better than the small decline economists surveyed by MarketWatch had expected. Read more on June retail sales.
The Labor Department reported a 0.4% decrease in its June wholesale producer index, the first decrease in one year. Read more on whole prices.
Investors also cheered news that new applications for unemployment benefits fell last week to the lowest in three months. Read more on jobless claims.
Other energy products were mixed. August gasoline RB1Q -0.49% 1 cent to $3.13 a gallon, while August heating oil HO1Q +0.33% added less than a cent to $3.11 a gallon.
Claudia Assis is a San Francisco-based reporter for MarketWatch.
