U.S. crude oil pared early losses but ended lower for a third straight session Friday, on demand growth concerns after some weak manufacturing data out of China yesterday, even as investors mulled over prospects of the U.S. Federal Reserve scaling down its quantitative easing program in the coming months. The downturn came despite some positive durable goods data out of the U.S. with the dollar trading lower against some major currencies.
After reporting a sharp drop in new orders for manufactured durable goods in the previous month, a Commerce Department report Friday showed durable goods orders in April rebounded 3.3 percent which was more than what analysts expected.
Light Sweet Crude Oil futures for July delivery, the most actively traded contract, dropped $0.10 or 0.1 percent to close at $94.15 a barrel on the New York Mercantile Exchange Friday.
For the week, oil prices slipped near 2 percent.
Crude prices for July delivery scaled a high of $94.39 a barrel intraday and a low of $93.04.
Yesterday oil settled marginally lower after some weak manufacturing data out of China renewed fears of demand growth concerns. Nevertheless, oil prices rallied on some upbeat macroeconomic data out of the U.S. with initial jobless claims dropping more than expected last week. China's manufacturing sector contracted for the first time in seven months in May amid poor demand, fueling concerns of weakness in the economy that may persist for some more time.
The dollar index, which tracks the U.S. unit against six major currencies, traded at 83.61 on Friday, down from 83.75 late Thursday in North American trade. The dollar scaled a high of 83.96 intraday and a low of 83.43.
The euro traded a shade higher against the dollar at $1.2935 on Friday, as compared to $1.2934 late Thursday in North America. The euro scaled a high of $1.2993 intraday and a low of $1.2906.
In economic news from the U.S., the Commerce Department said durable goods orders surged 3.3 percent in April after tumbling by a revised 5.9 percent in March. Economists expected orders to climb 1.1 percent compared to the 5.7 percent decline reported in the previous month. Excluding a rebound in orders for transportation equipment, durable goods orders rose by 1.3 percent in April compared to a 1.7 percent drop in March.
From the eurozone, Germany's consumer confidence is set to strengthen in June, results of a survey by market research firm GfK showed. The forward-looking index for June rose to 6.5 in June from 6.2 in May. Economists had forecast the indicator to remain unchanged at 6.2. Economic expectations as well as income expectations of consumers improved in May. Following a moderate fall in April, economic expectations gained 1.3 points to -0.2.
Meanwhile, Germany's business sentiment improved to 105.7 in May from 104.4 in April, reports said citing a survey from the Ifo institute. The reading was forecast to remain unchanged at 104.4.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.