Crude Lower After Data Barrage: Oil Alert

NEW YORK (TheStreet) -- A big march higher for crude futures on Wednesday was followed by a deluge of economic data reports on Thursday, ultimately meaning sliding oil prices today.

By late morning, the November delivery contract for benchmark crude slid 56 cents at $70.05 on the New York Mercantile Exchange.

On Wednesday, the contract bolted past $70 to settle at $70.61 after rocketing up $3.90 on the day, with most reports linking the jump to an earlier announced drop in gasoline inventories.

On Thursday, an array of economic data reports offered a mixed picture for investors. On the more dour side, expansion in manufacturing appeared to have slowed a bit in September, after an index surveying manufacturing purchasing managers came to a weaker-than-expected 52.6%.

The labor market, too, produced a more downbeat assessment this morning, as the Labor Department said unemployment claims for first-time filers went higher last week to 551,000.

Still, consumer spending numbers went higher in August thanks mostly to the cash-for-clunkers programs, while an industry group said pending home sales spiked 6.4% during the same month.

On Friday, the Labor Department will release its latest monthly employment report. Many economists expect the nation's unemployment rate to grow to 9.8% in this most recent showing, from 9.7% in August.

In oil equity news, most of the major integrated players were sliding by late morning. Exxon Mobil(XOM Quote), Chevron(CVX Quote) and Marathon Oil(MRO Quote) were changing hands lower by 1.5%, 1.6% and 1.5%, respectively.

American depositary receipts for BP(BP Quote) and Royal Dutch Shell(RDS.A Quote), too, were down 2% and 1.5% each.

On the other hand, ConocoPhillips(COP Quote) shares were adding 10 cents, or 0.2%, at $45.26.

-- Written by Sung Moss in New York

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