(RTTNews) - The price of crude oil edged up above $81 Friday morning amid a easing dollar and as traders eyed the U.S. GDP data due out later today. However, worries over demand growth continued to cap big upside in the price.
Light Sweet Crude Oil (WTI) futures for May 2010 were up $0.78 to $81.31 a barrel, after having drifting to a three-week low below $79 Monday.
Yesterday, the U.S. Labor Department said initial jobless claims fell a more-than-expected to 442,000 in the week ended March 20 from the previous week's revised figure of 456,000.
Meanwhile, the dollar continued to ease for a second session versus the dollar, retreating from a 10-month high, after EU leaders agreed to a plan to backup Greece debt.
Traders will look to GDP data from the U.S., due out later today, to gauge the strength in the recovery of the economy. Economists forecast the economy grew 5.8% rise versus a previous estimate of 5.9% growth.
