Crude oil lower ahead of U.S. consumer sentiment report

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                               Crude oil futures were lower on Friday, as uncertainty over the future of the Federal Reserve's stimulus program continued to dominated markets, ahead of U.S. consumer sentiment data to be released later in the day. 

On the New York Mercantile Exchange, light sweet crude futures for delivery in September traded at USD105.00 a barrel during European morning trade, down 0.47%. 

The release of mixed U.S. data on initial jobless claims and durable goods orders on Thursday fuelled fresh uncertainty over whether the Fed will start to scale back its bond buying program later this year. 

The Labor Department said the number of individuals filing for initial jobless benefits last week increased by 7,000 to a seasonally adjusted 343,000, compared to expectations for an increase of 6,000 to 340,000.

The Commerce Department said orders for long lasting manufactured goods rose by a seasonally adjusted 4.2% in June, compared to expectations for an increase of 1.3%, while vore durable goods orders, which exclude volatile transportation items, were flat in June, compared to expectations for a 0.5% increase. 

The Fed’s stimulus program is viewed by many investors as a key driver in boosting the price of commodities as it tends to depress the value of the dollar.

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 September delivery slid 0.30% to trade at USD107.32 a barrel, with the spread between the Brent and crude contracts standing at USD2.32 a barrel. - investing.com

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Gold builds on U.S. gains in Asia

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                                                 Gold futures traded higher in the early part of Friday’s Asian session, building on gains accrued in Thursday’s U.S. session thanks to some weak jobs data. 

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery rose 0.35% to USD1,333.45 per troy ounce in Asian trading Friday after settling up 0.67% at USD1,328.35 per ounce in U.S. trade Thursday. 

Gold futures were likely to find support at USD1,269.45 a troy ounce, the low from July 17, and resistance at USD1,347.85, Tuesday's high. 

In U.S. economic news out Thursday, the U.S. Labor Department said initial claims for jobless benefits rose by 7,000 to 343,000 last week. Economists expected a reading of 340,000 new claims. The unemployment rate among people eligible for benefits dropped to 2.3 percent in the week ended July 13 from 2.4 percent the prior week, according to Bloomberg. 

Durable goods orders jumped 4.2% in June after a revised 5.2% increase in May. Analysts expected an increase of just 1.4%. 

Core durable goods orders, which exclude volatile transportation items, were flat in June, missing expectations for a 0.5% increase, which supported gold prices. 

Tepid U.S. data has proven helpful to gold because it helps alleviate concerns that the Federal Reserve will act quickly to begin tapering its USD85 billion-per-month quantitative easing program. 

Elsewhere, Comex silver for September delivery rose 0.38% to USD20.230 per ounce while copper for September delivery fell 0.16% to USD3.185 an ounce. - investing.com

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