Demand worries overshadowed a drop in crude stocks after the Energy Information Administration (EIA) seemed to suggest refiners going into maintenance and a weakening demand for gasoline helped send the market higher.
China`s manufacturing data was in line with expectations yet under the key pivot level of 50 with a 49.7 print. Generally speaking, a reading of under 50 would indicate a contracting manufacturing sector rather than expanding
World shares hovered near record highs on Thursday after downbeat Chinese manufacturing data kept pressure on Beijing for more stimulus and the Federal Reserve signaled higher U.S. interest rates are still some way off.
The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, indicating the jobs market was on solid footing even as the economy struggles to regain momentum after abruptly slowing in the first quarter.
Retail gasoline prices have hit their high for the year, but the news is not all bad. Despite the fact that AAA says prices have risen 17 cents a gallon, hitting $265 per gallon, prices are a lot lower than a year ago--and taking into consideration the fact that crude oil prices have soared, it could have been a lot worse.
The dollar rose against the yen and bounced from a two-month low against a basket of currencies on Friday, drawing encouragement from signs that a recent patch of soft economic data may be coming to an end.