Crude oil futures little changed, U.S. data in focus

Crude oil futures were little changed on Friday, as markets eyed the release of U.S. data later in the day, after Thursday's downbeat U.S. jobless report weighed sent oil prices lower.

On the New York Mercantile Exchange, light sweet crude futures for delivery in August traded at USD104.91 a barrel during European morning trade, down 0.01%.

The number of individuals filing for initial jobless claims in the U.S. hit a two-month high last week, rising by 16,000 to 360,000, according to the Labor Department, defying expectations for a drop of 4,000 to 340,000.

A separate report showed that U.S. import prices fell 0.2% on a yearly basis in June, above expectations for a 0.1% decline, while exports prices rose 0.2% year-over-year, undershooting expectations for a 0.4% rise.

The numbers sent oil plunging on concerns that the U.S. recovery still faces headwinds and may demand less fuel and energy going forward than once thought, especially a day after Federal Reserve Chairman Ben Bernanke said that stimulus tools will remain in place for now.

Stimulus programs like the Fed's monthly USD85 billion asset-purchasing scheme tend to push up oil prices as a side effect, though concerns U.S. recovery faces potholes allowed oil to fall in a sell-off fueled by profit taking.

The U.S. is the world’s biggest oil-consuming country, responsible for almost 22% of global oil demand.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for August delivery was down 0.09% to trade at USD107.64 a barrel, with the spread between the Brent and crude contracts standing at USD2.73 a barrel.

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