Amwal Al Ghad English - 2013-05-16 09:00:55
Benchmark U.S. crude-oil futures fell Thursday, retreating from gains that were earlier ushered in by an unexpected decline in weekly inventories.
Crude-oil prices for June delivery lost 36 cents, or 0.4%, to trade at $93.94 a barrel in electronic trade.
Later Thursday, investors will look through U.S. economic data, including weekly figures on jobless claims, for signals about future energy demand. Improvement in the labor market is also in focus at the Federal Reserve, which has to decide when it will start tapering down bond purchases that were aimed at stimulating economic growth.
Oil prices on Wednesday swung higher, ending up 9 cents, or 0.1%, on the New York Mercantile Exchange after the U.S. Energy Information Administration said crude supplies fell 600,000 barrels for the week ended May 10. Analysts polled by Platts had projected a rise of 300,000 barrels.
The decline in inventories gave the oil market the push needed to break free from losses stemming from demand worries after France, Germany and the euro zone each posted disappointing reports on quarterly economic activity. More»