BANGKOK (AP) — Oil is in a holding pattern today near $105 a barrel as growth in U.S. factory orders was weighed against signs China is pressing ahead with painful economic restructuring.
Benchmark crude for September delivery was down 17 cents to $105.32 a barrel at early afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 10 cents to $105.49 on Thursday.
Orders for long-lasting U.S. factory goods rose in June. The increase suggests companies are more confident in the economy and could boost economic growth and demand for crude in the second half of the year.