Crude Oil Settles Lower, But Gains 1.1% For Week

(RTTNews) - U.S. crude oil ended lower Friday, mostly on profit taking after having surged yesterday on some bright outlook for oil with an upbeat, better than expected initial jobless benefit claims data out of the U.S. Investors were also focused on the Geneva talks between Iran and western powers, over the Middle East nation's nuclear program, the outcome of which could impact the oil supply scenario.

Light Sweet Crude Oil futures for January delivery, the most actively traded contract, shed $0.60 or 0.6 percent to close at $94.84 a barrel on the New York Mercantile Exchange Friday.

Nevertheless, oil futures gained 1.1 percent for the Week

Crude prices for January delivery scaled a high of $95.57 a barrel intraday and a low of $94.05.

Yesterday, oil settled at a near one-month high on perceived improved demand growth prospects after some upbeat initial jobless claims data out of the U.S., even as apprehension over the upcoming talks with Iran later this week persisted. Investors also weighed the Energy Information Administration's weekly oil report which showed a less than expected rise in U.S. crude stockpiles, with hints the Federal Reserve may cut down the pace of its monthly bond-buying program sooner than later.

The dollar index, which tracks the U.S. unit against six major currencies, traded at 80.75 on Friday, down from 81.01 late Thursday in North American trade. The dollar scaled a high of 81.09 intraday and a low of 80.69.

The euro traded higher against the dollar at $1.3541 on Friday, as compared to its previous close of $1.3481 late Thursday in North America. The euro scaled a high of $1.3553 intraday and a low of $1.3464.

In economic news from the eurozone, German business confidence improved more than expected in November, survey results from the Ifo Institute revealed. The headline business climate index rose to 109.3 in November from 107.4 in October. Economists had forecast an increase to 107.7. The current conditions index scored 112.2 during the month, up from 111.3 in October. The expected score was 111.5. The expectations index jumped to 106.3 from 103.7 in the previous month. This was forecast to rise to 104.

Meanwhile, German economic growth moderated in the third quarter as estimated in the preliminary report, final data from the Federal Statistical Office revealed. The seasonally and calendar-adjusted gross domestic product increased 0.3 percent quarter-on-quarter in the third quarter, matching the preliminary estimate published earlier this month. This was much weaker than a 0.7 percent growth recorded in the second quarter.