Crude oil futures were higher on Thursday, following the release of a
mostly bullish report from the International Energy Agency on global oil
supply and demand earlier in the day.
On the New York Mercantile Exchange, light sweet crude futures for delivery in October traded at USD108.16 a barrel during U.S. morning trade, up 0.55%. The October contract settled 0.15% higher at USD107.56 a barrel on Wednesday.
New York-traded oil futures held in a range between USD107.31 a barrel, the daily low and a session high of USD108.69 a barrel.
Oil futures were likely to find support at USD105.86 a barrel, the low from September 2 and resistance at USD110.44 a barrel, the high from September 9.
In its monthly report released earlier in the session, the IEA said that global oil demand is forecast to rise by 1.1 million barrels a day next year, “as the underlying economic situation continues to improve.”
The IEA added that oil supplies from the Organization of the Petroleum Exporting Countries fell by 260,000 barrels to 30.51 million barrels per day in August, due to declining output from Libya.
Prices were also supported after data showed that the number of people who filed for unemployment assistance in the U.S. fell to the lowest level since April 2006 last week.
The Department of Labor said the number of people who filed for unemployment assistance in the U.S. fell by 31,000 to a seasonally adjusted 292,000 from 323,000 in the previous week.
However, the report said the decline was largely due to two states not processing all claims received because of computer upgrades.
Meanwhile, traders remained focused on developments regarding the situation in Syria.
U.S. Secretary of State John Kerry and Russian Foreign Minister Sergei Lavrov will meet in Geneva later Thursday to discuss Moscow's diplomatic resolution for Syria.
Oil prices surged to a 27-month high of USD112.22 a barrel on August 28 amid indications the U.S. was close to taking military action against Bashar al-Assad’s government.
But prices pulled back as the threat of U.S. military intervention in Syria appeared to diminish, easing concerns over a disruption to supplies from the Middle East.
Instead, President Barack Obama said that he will explore a plan proposed by Russia for Syria to place its chemical weapons under international control.
Countries in the Middle East and North Africa were responsible for 36% of global oil production in 2012.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for October delivery added 0.75% to trade at USD111.00 a barrel, with the spread between the Brent and crude contracts standing at USD2.84 a barrel.
The spread between the two contracts narrowed sharply after data showed that stockpiles at Cushing, Oklahoma, the delivery point for Nymex oil futures, fell to the lowest level since February 2012 last week.
On the New York Mercantile Exchange, light sweet crude futures for delivery in October traded at USD108.16 a barrel during U.S. morning trade, up 0.55%. The October contract settled 0.15% higher at USD107.56 a barrel on Wednesday.
New York-traded oil futures held in a range between USD107.31 a barrel, the daily low and a session high of USD108.69 a barrel.
Oil futures were likely to find support at USD105.86 a barrel, the low from September 2 and resistance at USD110.44 a barrel, the high from September 9.
In its monthly report released earlier in the session, the IEA said that global oil demand is forecast to rise by 1.1 million barrels a day next year, “as the underlying economic situation continues to improve.”
The IEA added that oil supplies from the Organization of the Petroleum Exporting Countries fell by 260,000 barrels to 30.51 million barrels per day in August, due to declining output from Libya.
Prices were also supported after data showed that the number of people who filed for unemployment assistance in the U.S. fell to the lowest level since April 2006 last week.
The Department of Labor said the number of people who filed for unemployment assistance in the U.S. fell by 31,000 to a seasonally adjusted 292,000 from 323,000 in the previous week.
However, the report said the decline was largely due to two states not processing all claims received because of computer upgrades.
Meanwhile, traders remained focused on developments regarding the situation in Syria.
U.S. Secretary of State John Kerry and Russian Foreign Minister Sergei Lavrov will meet in Geneva later Thursday to discuss Moscow's diplomatic resolution for Syria.
Oil prices surged to a 27-month high of USD112.22 a barrel on August 28 amid indications the U.S. was close to taking military action against Bashar al-Assad’s government.
But prices pulled back as the threat of U.S. military intervention in Syria appeared to diminish, easing concerns over a disruption to supplies from the Middle East.
Instead, President Barack Obama said that he will explore a plan proposed by Russia for Syria to place its chemical weapons under international control.
Countries in the Middle East and North Africa were responsible for 36% of global oil production in 2012.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for October delivery added 0.75% to trade at USD111.00 a barrel, with the spread between the Brent and crude contracts standing at USD2.84 a barrel.
The spread between the two contracts narrowed sharply after data showed that stockpiles at Cushing, Oklahoma, the delivery point for Nymex oil futures, fell to the lowest level since February 2012 last week.
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