- U.S. factory orders rebound, but machinery orders dip
- U.S. dollar rebounds
- Russian oil ban seen limiting crude price losses
NEW YORK, Feb 2 (Reuters) – Oil prices edged lower on Thursday as U.S. industrial-linked factory orders dipped, while the dollar strengthened, making crude more expensive for non-American buyers.
Brent crude futures fell 52 cents, or 0.6%, to $82.32 a barrel by 11:04 a.m. ET (1604) GMT, while West Texas Intermediate crude (WTI) lost 40 cents to $76.01, or 0.5%.
Both benchmarks plunged more than 3% overnight after U.S. government data showed a large build in oil stocks.
While new orders for U.S. manufactured goods rose broadly in December, orders for industrial equipment and other machinery fell, according to the latest data from the Commerce Department. read more
“It was highlighting more slowing in the economy, particularly on the industrial side, which is a negative for petroleum,” said John Kilduff, a partner at…
