Investing.com - Crude futures edged lower in U.S. trading on Friday as investors continued to unwind positions that had priced in the possibility of major supply disruptions stemming from the bloody Iraqi insurgency.
In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in August traded at $105.61 a barrel during U.S. trading, down 0.22%. New York-traded oil futures hit a session low of $105.34 a barrel and a high of $106.18 a barrel.
The August contract settled up 0.62% at $105.84 a barrel on Thursday.
Nymex oil futures were likely to find support at $105.03 a barrel, Thursday''s low, and resistance at $107.50 a barrel, Tuesday''s high.
Iraq issued a decree calling for parliament to convene July 1 to open the process needed to create a new government to handle a bloody Sunni insurgency.
The insurgency sent oil prices posting hefty gains in recent sessions, though the fighting remains to the north of the country''s major oilfields, and relief that supplies continue to flow normally allowed prices to fall on Friday.
Elsewhere, investors shrugged off positive U.S. data.
The revised Thomson Reuters/University of Michigan consumer sentiment index rose to 82.5 in June from 81.2 in May, beating expectations for a 82.2 reading.
Elsewhere, on the ICE Futures Exchange in London, brent oil futures for August delivery were up 0.02% and trading at US$113.24 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$7.63 a barrel.
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