Crude Oil Ends Below $100; Gains About 0.2% For Week

(RTTNews) - U.S. crude oil ended lower for a second straight session on Friday, with the dollar trending higher against a basket of major currencies, amid lingering concerns over the ongoing unrest in Ukraine.

Nonetheless, crude oil gained about 0.2 percent for the week.

Russian separatists in eastern Ukraine are reportedly planning to go ahead with a referendum on sovereignty this weekend, despite objections from the Kremlin, which could ultimately culminate in a civil war.

Oil shipments from Libya also seem to be in serious trouble, with rebels controlling two of the major oil shipment port cities, indicated their unwillingness to work with the new prime minister.

Light Sweet Crude Oil futures for June delivery, the most actively traded contract, dropped $0.27 or 0.3 percent to close at $99.99 a barrel on the New York Mercantile Exchange Friday.

Crude prices for June delivery scaled a high of $101.18 a barrel intraday and a low of $99.71.

Yesterday, crude oil ended lower as investors continued to mull over the supply scenario with total U.S. crude oil inventories still close to its record high level.

The dollar index, which tracks the U.S. unit against six major currencies, traded at 79.88 on Friday, up from its previous close of 79.44 late Thursday in North American trade. The dollar scaled a high of 79.89 intraday and a low of 79.42.

The euro traded lower against the dollar at $1.3751 on Friday, as compared to its previous close of $1.3840 late Thursday in North America. The euro scaled a high of $1.3844 intraday and a low of $1.3754.

In economic news from the U.S., wholesale inventories rose more than expected in March, a report from the Commerce Department showed Friday. Inventories rose 1.1 percent in March, while anticipated a 0.4 percent increase. Wholesale inventories for February were revised up 0.7 percent, higher than the prior 0.5 percent reading.

From Europe, U.K. manufacturing output maintained growth momentum for the fourth consecutive month in March, with robust exports taking the visible trade gap to its lowest since December, a report from the Office for National Statistics showed Friday. Manufacturing output gained 0.5 percent in March from February and exceeded the 0.3 percent rise forecast by economists.

Meanwhile, industrial output dropped slightly by 0.1 percent, largely due to a plunge in oil and gas extraction. Production was forecast to decrease 0.2 percent after rising 0.8 percent in February.

Germany's trade surplus declined to a seasonally adjusted EUR 14.8 billion from EUR 15.8 billion in February. The unadjusted surplus, meanwhile, rose to EUR 16.4 billion from EUR 16.2 billion.

German exports fell 1.8 percent month-on-month in March, sharper than the 1.3 percent fall seen in February, data from Destatis revealed Friday. Economists had forecast a 1.3 percent rise. Imports slid 0.9 percent on a monthly basis, the first fall in three months, reversing a 0.4 percent rise in February. Economists expected a 0.6 percent increase for March.

China's Inflation eased notably to 1.8 percent in April from 2.4 percent in March, the National Bureau of Statistics said Friday. Overall inflation was slower than the expected 2.1 percent and remains within the government's full year 3.5 percent target.