The West Texas Intermediate crude futures were seen low for the second day on Friday , as the US jobless claims rose to its highest in two months ,while the International Energy Agency (IEA) said in their monthly forecast that the oil supply for next year would increase .
The Jobless claims rose by 16,000 in the previous week to a high 360,000, according to reports the from the Labor Department data. Jobless claims were expected to drop by 344,000 last week.
WTI crude futures for the August delivery were seen at 0.17% at $104.74, while the Brent crude dropped by 0.09% at $107.64 a barrel, at the time of writing.
According to the International Energy Agency (IEA), oil consumption will increase by 1.2 million barrels per day by next year, while countries outside of the Organization of Petroleum Exporting countries (OPEC) will increase by 1.3 million barrels a day by 2014, increasing production from North America.
OPEC produces over 40% of the world’s crude, and it’s expected to increase for the rest of the year in the Northern Hemisphere boost demands, according to the Oil movements. OPEC is also expected to ship 24.32 million barrels a day till July 27.
The West Texas intermediate crude is expected to rise next week after the Federal Reserve Chairman Ben S. Bernanke suggested they maintain the QE stimulus until there is more proof of a better economy.
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