IV:Crude oil futures edge higher, as unrest in Egypt persists
Investing.com - Crude oil futures edged higher on Friday, as concerns over a supply disruptions in the Middle-East continued to support prices, amid ongoing uncertainty over the future of the Federal Reserve's stimulus program.
On the New York Mercantile Exchange, light sweet crude futures for delivery in September traded at USD107.51 a barrel during European morning trade, up 0.16%.
The September contract settled up 0.45%, at USD107.33 a barrel on Thursday.
Oil prices rose after Egypt declared a month-long national state of emergency on Wednesday.
Egyptian media reported that more than 500 people died and at least 2,000 were injured across the country as police forces cracked down on Muslim Brotherhood protesters.
Tension between the government and supporters of former President Mohammed Morsi has been running high ever since Morsi was ousted from power in July in what various media outlets reported as a military coup.
On Thursday, the U.S. canceled joint war games with Egypt to signal its outrage over the violence.
Meanwhile, the release of mixed U.S. data on Thursday added to uncertainty over whether the U.S. central bank could start winding up its USD85 billion-a-month asset purchase program later this year.
The Fed’s stimulus program is viewed by many investors as a key driver in boosting the price of commodities as it tends to depress the value of the dollar.
The Department of Labor on Thursday said the number of people who filed for unemployment assistance in the U.S. fell to the lowest level since January 2008 last week, dropping by 15,000 to 320,000.
A separate report showed that U.S. consumer prices rose by a seasonally adjusted 0.2% in July, in line with forecasts. Core consumer prices, excluding food and energy costs, also rose 0.2%, matching forecasts.
In addition, data showed that U.S. industrial production was flat in July, missing expectations for a 0.3% increase.
Other reports showed that manufacturing activity in the Philadelphia-region expanded at the slowest pace in four months in August, while manufacturing activity in the Empire state fell unexpectedly.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for September delivery added 0.12% to trade at USD109.32 a barrel, with the spread between the Brent and crude contracts standing at USD1.81 a barrel.
