Crude Heads for Weekly Loss in N.Y. Before U.S. GDP Data
Oil traded little changed in New York, heading for its first weekly decline in three, before before data forecast to show the U.S. economy grew at the slowest past in a year.
West Texas Intermediate crude pared earlier gains as the euro weakened amid speculation that European Central Bank President Mario Draghi may struggle to fulfill his pledge yesterday to defend the currency. U.S. gross domestic product, the value of all goods and services produced, rose at a 1.4 percent annual rate after a 1.9 percent gain in the prior quarter, according a Bloomberg News survey.
“The main focus will switch to the release of the GDP data that could provide a better insight about the U.S. economic prospects,” said Myrto Sokou, an analyst at Sucden Financial Ltd. in London.
Oil for September delivery was at $89.50 a barrel in electronic trading on the New York Mercantile Exchange, having earlier advanced as much as 84 cents to $90.23 a barrel. The contract climbed 0.5 percent yesterday to $89.39, the highest close since July 20. Prices are 2.2 percent lower this week.
Brent crude for September settlement was up 38 cents at $105.60 a barrel on the London-based ICE Futures Europe exchange. The European benchmark’s premium to West Texas Intermediate was at $16.16, up from $15.87 yesterday.
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