ND:Crude oil futures little changed, near 4-month lows
Investing.com - " Crude oil futures were little changed during early European trading hours on Friday, hovering near four-month lows amid sustained concerns over the U.S. economic outlook and as investors continued to eye U.S.-Iran negotiations.
On the New York Mercantile Exchange, light sweet crude futures for delivery in December traded at USD97.15 a barrel during European morning trade, up 0.04%.
The December contract settled up 0.26% at USD97.11 a barrel on Thursday.
Oil futures were likely to find support at USD95.35 a barrel, the low from June 27 and resistance at USD98.27 a barrel, the high from October 23.
Oil futures were likely to find support at USD95.35 a barrel, the low from June 27 and resistance at USD98.27 a barrel, the high from October 23.
Oil prices remained under pressure after preliminary data on Thursday showed that U.S. manufacturing activity fell to a 12-month low of 51.1 in October from a reading of 52.8 in September.
A separate report from the U.S. Department of Labor showed that the number of individuals filing for initial jobless benefits declined by 12,000 last week to a seasonally adjusted 350,000.
Analysts had expected U.S. jobless claims to fall by 22,000 to 340,000 last week.
Jobless claims for the preceding week were revised up to a gain of 362,000 from a previously reported increase of 358,000.
U.S. crude prices have been on a downward trend in recent weeks amid concerns the recent U.S. government shutdown created a drag on economic growth and eroded demand in the world's largest oil consumer.
Meanwhile, continued progress in talks between Iran and the West over Tehran's controversial nuclear program also weighed on oil prices.
The White House hosted a meeting of aides to Senate committee leaders on Thursday, with hopes of convincing lawmakers to hold off on a package of tough new sanctions against Iran.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for November delivery slipped 0.18% to trade at USD106.80 a barrel, with the spread between the Brent and crude contracts standing at USD9.65 a barrel.
