(RTTNews) - The price of crude oil edged down Thursday morning on concerns over global economic growth. Indications that Tropical Storm Alex will not hit production areas in the Gulf of Mexico also weakened sentiment.
Light Sweet Crude Oil (WTI) futures for August delivery were down $1.03 to $74.60 a barrel.
Yesterday, the EIA said crude stockpiles fell 2 million barrels in the week ended June 25, steeper than a 900,000 million-barrel drop analysts had anticipated.
Meanwhile, the U.S. dollar moved back near its four-week low versus the euro. The single euro-zone currency edged up despite speculation that Spain's debt rating may be downgraded after Moody's Investors Service placed Spain's sovereign debt rating 'on review for possible downgrade' Wednesday citing weak economic prospects.
The results of a six-day tender for short-term European Central Bank funds hinted that the region's banks were making good on emergency loans. Yesterday, a three-month offer generated fewer bids than expected. Meanwhile, Spain today raised $4.3 billion in an oversubscribed bond sale.
The greenback was ticking lower against the British pound and slipped to a fresh calendar year low versus the yen in morning deals.
Today, traders will look to the weekly jobless claims report from the Labor Department, ahead of tomorrow's key government employment report. Economists expect the claims to edge up to 458,000.
The manufacturing survey of the Institute for Supply Management for the month of June will also be eyed. Economists expect the index to show a reading of 59 for June. The housing market will also be in focus with official data on construction spending and an industry reading on pending home sales, due out later today.
