Investing.com – Nymex crude oil prices fell during Asian trading hours on rising supplies in the U.S.
On Wednesday, the U.S. Energy Information Administration reported that country’s the domestic crude-oil supplies rose by 3.3 million barrels to 361.4 million barrels in the week ended Feb. 7 and were at a seven-week high.
On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in March rose 0.15% at USD100.20 a barrel during Asian trading
On Thursday, the New York-traded oil futures hit a session low of USD100.15 a barrel and a high of USD100.39 a barrel to settle at USD100.35 a barrel.
Nymex oil futures were likely to find support at USD99.11 a barrel, Monday''s low, and resistance at USD101.38 a barrel, Wednesday''s high.
On Thursday the oil prices shrugged off weak U.S. data betting that households across the eastern U.S. have been ramping up on their heating due the latest of many powerful winter storms that have ploughed across the country in 2014.
Soft U.S. data failed to cap gains due to the monetary implications of a U.S. recovery still battling headwinds.
The Commerce Department reported earlier that U.S. retail sales fell 0.4% in January, confounding expectations for a 0.3% increase. December’s figure was revised down to a decline of 0.1% from a previously reported 0.2% increase.
Core retail sales came in flat in January compared to expectations for a 0.1% rise.
Elsewhere, the Department of Labor reported that the number of individuals who filed for unemployment assistance in the U.S. last week rose by 8,000 to 339,000 from the previous week’s total of 331,000.
Analysts had expected jobless claims to fall by 1,000.
The disappointing data fueled expectations that U.S. economic recovery still faces potholes and that the Federal Reserve will take its time dismantling its USD65 billion bond-buying program.
Fed asset purchases weaken the greenback by suppressing interest rates, which tends to bolster assets like commodities by making them more attractive on dollar-denominated exchanges.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for April delivery were flat at 108.60 a barrel, while the spread between the Brent and U.S. crude contracts stood at 8.40 a barrel.