Investing.com - Crude oil futures were trading near one-month lows on Friday, as concerns over potential supply disruptions in the Middle East began to subside.
On the New York Mercantile Exchange, U.S. crude oil for delivery in August traded at $103.98 a barrel during European morning trade, down 0.08%.
Prices dropped 0.40% on Thursday to settle at $104.06.
Futures were likely to find support at $103.97 a barrel, the low from June 11 and resistance at $105.53, the high from July 7.
Oil prices came under pressure amid expectations for more shipments from Libya and Iran, although ongoing concerns over violence in Iraq were expected to limit losses.
Investors were also focusing on talks between Iran and world powers to end the dispute over its controversial nuclear program. Teheran has reduced demands for the size of its future nuclear enrichment program although the West is urging for further compromise.
On Thursday, the U.S. Department of Labor said non-farm payrolls rose by 288,000 last month, easily surpassing expectations for an increase of 212,000. The previous month’s figure was revised up to a gain of 224,000 from a previously reported increase of 217,000.
The unemployment rate ticked down to a four-and-a-half year low of 6.1% from 6.3% in May. Analysts had expected the jobless rate to hold steady at 6.3% last month.
Separately, the Institute of Supply Management said its non-manufacturing purchasing manager''s index fell to 56.0 last month from a reading of 56.3 in May. Analysts had expected the index to hold steady at 56.3 in June.
Trading volumes were expected to remain thin on Friday, as U.S. markets were to remain closed for the fourth of July holiday.
Elsewhere, on the ICE Futures Exchange, Brent oil for August inched up 0.05% to trade at $111.06 a barrel, with the spread between the Brent and crude contracts standing at $7.08 a barrel.
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