By Carla Mozee and Barbara Kollmeyer, MarketWatch
MADRID (MarketWatch) — U.S. crude-oil futures turned higher on Friday, headed toward a weekly advance ahead of data on U.S. consumer sentiment and industrial production.
In electronic trade, crude oil for July delivery CLN3 +0.43% rose 44 cents to $97.13 a barrel.
Oil on Thursday climbed 81 cents, or 0.8%, to $96.69 a barrel, the highest settlement since May 20, according to FactSet, with the move spurred by better-than-expected reports on retail sales and jobless claims that boded well for energy-demand prospects.
On Friday, the University of Michigan and Thomson Reuters is expected to report that its June preliminary consumer sentiment index rose to 84.7. That would be the best reading in nearly six years. Also due will be the Federal Reserve’s report on May industrial production, which could rise 0.1% after a drop in April.
Investors on Friday may also monitor developments from Iran, with one of the world’s largest oil-producing countries set to hold its presidential election.
U.S. crude-oil futures were on track for a gain of 0.7% for the week, during which the market received bearish data showing oil stockpiles continued to increase. The EIA said crude-oil supplies rose by 2.5 million barrels for the week ended June 7, to 393.8 million barrels. Analysts polled by Platts were looking for no change.
Brent crude for August delivery UK:LCOQ3 +0.48% on Friday rose 49 cents, or 0.5%, to $105.43 a barrel. The July contract expired on Thursday, closing higher by 76 cents at $104.25 a barrel.
Natural gas for July delivery NGN13 -0.50% held at $3.81 per million British thermal units on Friday. Prices turned higher Thursday after the EIA reported a weekly rise in inventories that was at the lower end of analyst expectations.
July gasoline RBN3 +0.74% rose 1 cent to $2.87 a gallon, and July heating oil HON3 +0.45% rose 1 cent to $2.95 a gallon.
