Investing.com

Investing.com - Crude oil futures edged higher during early European trading hours on Friday, as disappointing U.S. service sector data released on Thursday continued to support the commodity, while markets awaited a highly-anticipated U.S. nonfarm payrolls report later in the trading session.



On the New York Mercantile Exchange, U.S. Crude Oil for delivery in May traded at $100.52 a barrel during European morning trade, up 0.22%.



The May contract settled up 0.67% on Thursday to end at $100.29 a barrel.



Oil futures were likely to find support at $99.08 a barrel, Thursday''s low and resistance at $101.47 a barrel, the high from April 1.



Oil prices strengthened on Thursday, after the Institute of Supply Management said its non-manufacturing purchasing manager''s index rose to 53.1 last month from a reading of 51.6 in February. Analysts had expected the index to increase to 53.5 in March.



A separate report showed that the number of individuals filing for initial jobless benefits increased by 10,000 to a seasonally adjusted 326,000 last week from the previous week’s revised total of 310,000. Analysts had expected jobless claims to rise by 7,000 to 317,000 last week.



Market players turned their attention on Friday to the March nonfarm payrolls report for further indications on the strength of the economy and the future course of monetary policy.



Elsewhere, on the ICE Futures Exchange, Brent Oil for May delivery added 0.14% to trade at $106.41 a barrel, with the spread between the Brent and crude contracts standing at $5.89 a barrel.





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