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Crude Oil Settles Little Modifies After Reaching Near Two-month Lows

U.S. crude futures had been barely lower on Thursday, receiving some strength from the stock market after earlier reaching nearly two-month lows on weak economic data.

U.S. crude settled at $52.45 per barrel, down 19 cents. Benchmark Brent crude sat up 2 cents at $57.71 per barrel.

During the session, both benchmarks fell to the bottom level seen since early August, rushing as weak U.S. economic figures had been released.

U.S. services sector progress slowed to its most anemic pace in three years in September, and job growth in the most significant slice of the American economy was the timidest in five years, a survey of purchasing managers showed.

Even as U.S. crude cut losses late in the day, crude futures have discovered lows in the last eight sessions, stated Bob Yawger, director of energy futures at Mizuho in New York.

Across the Atlantic, economic records have also put pressure on crude. Eurozone business growth halted in September, a survey on Thursday showed.

Lending oil some support had been hopes that the U.S. and China would make development in resolving their trade row and numbers showing output in the U.S. – which has been the fastest source of supply progress – plunged in July.

This year, Brent has grown about 7%, supported by supply cuts made by the Organization of the Petroleum Exporting Countries and allies (OPEC+), including Russia, plus involuntary outages such as a reduction in Iranian and Venezuelan exports due to U.S. curbs.