Oil prices declined as demand for durable goods slid for a second straight month. Crude-oil futures for September delivery declined to $75.90 a barrel.
Oil declined after the Commerce Department said durable-goods orders declined 1% to $190.5 billion, falling short of expectations and stoking fears that a weaker manufacturing sector will lead to diminished demand for energy.
Also, Crude-oil futures waded deeper into negative territory after a government report showed a surprise increase in inventories.
The Energy Information Administration reported an increase of 7.3 million barrels for the week ended July 23; analysts expected a decrease to a -1.4 million barrels.
Oil prices have mostly stayed under $80 a barrel this year with worries about the recovery curbing attempts to pull above that level.
Yet the possibility of supply disruptions as the hurricane season gets underway in the Gulf of Mexico is offering some price support for the commodity.
Meanwhile, Natural gas for August delivery, the thinly traded front-month contract added to $4.79 per million British thermal units. Most-active September contract rose to $4.77 per million Btus.
Finally, the news has a major effect on gold as it edged higher after the unexpected decline in June durable-goods orders which fuelled safe-haven demand for the precious metal, so Gold for August delivery rose to $1,165.8 an ounce on the New York Mercantile Exchange.
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