NYMEX-Crude eases after 3-day gains; U.S. GDP eyed
TOKYO, July 27 |
TOKYO, July 27 (Reuters) - U.S. crude edged down on Friday as investors took profits after three straight days of gains, ahead of data expected to show the world's largest economy grew at its slowest pace in a year.
* NYMEX crude was down 17 cents at $89.22 a barrel by 0007 GMT, after settling up 42 cents at $89.39 on Thursday. Brent crude was up 7 cents at $105.33 a barrel, after settling up 88 cents at $105.26.
* Oil prices were boosted in the previous session after a pledge by the European Central Bank to protect the euro zone eased some worries about the region's debt crisis. A drop in U.S. jobless-benefit claims for last week also supported prices.
* ECB President Mario Draghi pledged on Thursday to do whatever it takes to preserve the euro zone. He also said tackling high sovereign borrowing costs comes within the central bank's mandate.
* Traders were now waiting for the release of gross domestic product data from the United States, the world's top oil consumer, due at 1230 GMT.
U.S. GDP likely grew at a 1.5 percent annual rate in the second quarter, according to a Reuters poll. That would be the slowest pace since the second quarter of 2011.
* U.S. stocks rode a wave of hope inspired by comments from Draghi on Thursday, ignoring mixed corporate results to focus on the strongest signal yet of the ECB's intentions to protect the euro zone.
* The euro steadied in early trade on Friday after rallying on Draghi's vow to hold the euro zone together, as investors prepared for U.S. second-quarter gross domestic product data later in the session.
* The following data is expected on Friday: (Time in GMT)
- 0645 France Consumer confidence July
- 0800 Italy Business confidence July
- 1230 U.S. GDP Advance Q2
- 1355 U.S. Univ. Of Michigan sentiment July
- 1430 U.S. ECRI weekly
- NYMEX Aug natural gas futures contract expiry (Reporting by Osamu Tsukimori; Editing by Himani Sarkar)
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