RTTN: Crude Edges Up Near $82 Ahead Of Weekly Jobs Data
(RTTNews) - The price of crude oil was recovering from its monthly low Thursday morning as traders await cues from today's economic data from the U.S.
Light Sweet Crude Oil (WTI) futures for December delivery were up $1.18 to $81.62 a barrel. Yesterday, oil closed at an one-month low as traders overlooked the data from the EIA that revealed U.S. crude inventories dipped by much more-than-expected.
Wednesday during trading hours, the EIA said that U.S. crude oil inventories moved down by 7.30 million barrels and gasoline inventories were down by 2.70 million barrels last week. Analysts were expecting crude oil inventories to fall by 100,000 barrels and gasoline stocks to decrease by 600,000 barrels, last week.
Meanwhile, the U.S. dollar was leveling off from its 7-week high versus the euro as Ireland's debt problems appeared to subside. The greenback was ticking lower against sterling and the Swiss Franc, while trading flat versus the yen.
Today, traders will look to the data on weekly jobless claims and the results of the survey by Philadelphia Federal Manufacturing. Economists expect jobless claims to come in at 442,000 for the week, slightly higher than 436,000 reported for the previous week and expect the diffusion index of current activity to show a reading of 4.5 for November.
