buy crude oil hold for target 6290/6320

Crude edges lower on global growth concerns, U.S. data support

U.S. crude oil prices moved lower on Friday amid lingering concerns that the Chinese and U.S. economies continue to battle headwinds, though better-than-expected consumer sentiment in the U.S. data curbed losses.

On the New York Mercantile Exchange, light sweet crude futures for delivery in September traded at USD104.50 a barrel during U.S. morning trade, down 0.97%. 

The September contract settled up 0.09%, at USD105.49 a barrel on Thursday.

Earlier this week, a preliminary reading of China's HSBC manufacturing PMI fell to 47.7 in July from a final reading of 48.2 last month. Analysts had expected the index to rise to 48.6. A reading below 50 indicates a contraction, which continued to dampen spirits on Friday, as China is the world's second-largest consumer of oil.

Meanwhile in the U.S., the Labor Department said Thursday that the number of individuals filing for initial jobless benefits last week increased by 7,000 to 343,000 compared with expectations for a gain of 4,000 to 340,000, which dampened spirits somewhat though more upbeat consumer sentiment data provided some support.

The Thomson Reuters/University of Michigan consumer sentiment rose more than expected in July, hitting 85.1 from 83.9 in June. 

Analysts had expected the index to rise to 84.0 this month. 

The report also said that inflation expectations fell to 3.1% this month, from 3.3% in June.

The U.S. is the world's largest consumer of crude.

On the ICE Futures Exchange, Brent oil futures for September delivery were down 0.56% at USD107.05 a barrel, up USD2.55 from its U.S. counterpart.

 

mcx tips, gold tips, silver tips, crude oil tips, natural gas tips, lead tips, zinc tips, aluminium tips, copper tips, gold levels, silver levels, crude oil levels, copper levels, lead levels, me nth oil updates, mcx  free trail ,ncdex free trail, mcx trading accounts, brokerage, gold updates, crude updates, silver updates, crude updates , nymex  crude, Com ex gold, come x silver, com ex gold tips, stock market tips, nse tips, stock  tips, option tips, bank nifty tips, bank nifty levels, nifty  tips, mcx tips, mcx levels commodity tips free trial, Forex Tips, Intraday Tips., mcx gold tips, mcx tips, ncdex tips, nifty free tips, option tips, share market tips, Share Tips, shares tips, Stock tips MCX Tips, Stock Tips, Forex Tips ,NCDEX Tips, Share Tips, commodity tips free trial, Option tips ,mcx gold tips, nifty free tips, shares tips, Share Market Tips, Intraday Tips, base metal tips