Oil prices remained steady today as investors waited for the key data regarding jobs from the US for more clarification on the state of the economic recovery, which would boost fuel demand.
Data from the United States and China this week indicated stabilisation in the global recovery trend. However, investors are still skeptical about a sustained improvement.
Brent crude for December slipped by 22 cents to near $108 a barrel, while US crude decreased by 25 cents to $86.72, reports Reuters.
In October, US companies added jobs at the fastest pace in eight months, which has improved confidence among consumers.
Factory activities in China have also started to pick up steam in October, after a year of slower growth.
Meanwhile, the US East Coast is still struggling to recover from the impact of Hurricane Sandy.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
The logistical problems continued at New York Harbor on Thursday, threatening widespread delays in fuel deliveries off the New York Mercantile Exchange’s future contracts.
US Government data shows crude stocks dropped by 2.05 million barrels in the last week as imports dropped sharply.
Image: Oil prices fall over slow demand. Photo courtesy of Lars Christopher Nøttaasen.