Oil prices stable amid ongoing Middle East unrest
NEW YORK—Crude oil prices were little-changed Thursday as Japan’s turn toward economic recovery and ongoing fighting in Libya gave few new signals to traders, while US economic data disappointed bulls.
On New York’s Nymex exchange, a barrel of West Texas Intermediate for May delivery pared 15 cents to $105.60.
In London, the benchmark Brent North Sea crude added 15 cents to $115.72.
“We ran into some profit taking,” said John Kilduff of Again Capital.
“What was haunting the market all day was the durable goods report that was disappointing and bearish.”
US government figures for February showed a 0.9 percent drop in factory orders, mainly due to lower demand for machinery — a barometer of economic growth – and for defense equipment.
The fall surprised economists who had expected orders to rise.
