(RTTNews) - The price of crude oil slipped near $88 Thursday morning as traders await cues from weekly jobless claims data, due out before the US markets open. Light Sweet Crude Oil (WTI) futures for October delivery, were down $0.24 to $88.57 a barrel. Yesterday, oil edged down even as a disappointing ADP jobs report fueled speculation that the Federal Reserve will announce another round of asset purchases in September. Wednesday during trading hours, the EIA revealed that U.S. crude oil inventories increased by 5.30 million barrels, while gasoline stocks dipped 2.80 million barrels in the week ended August 26. Analysts were expecting crude oil inventories to dip by 500,000 barrels and gasoline stocks to shed by nearly 1 million barrels last week. This morning the U.S. dollar moved up to a 2-week high versus the euro and sterling, while ticking higher against the yen. The buck was trading weak versus the Swiss franc. In economic news from the euro zone, manufacturing activity in the region declined in August to the lowest level since August 2009 and below the flash estimate, final data from Markit Economics showed. The final Markit Purchasing Managers' Index fell to 49 from 50.4 in July. Germany confirmed its anemic growth estimate for the second quarter, detailed results from the Federal Statistical Office revealed today. Traders will look to the weekly jobless claims report from the U.S. Labor Department, due out at 8.30 a.m ET. Economists expect the claims to ease to 409,000 from the earlier week's 417,000. Later during the session, the Institute for Supply Management will release the results of its manufacturing survey. Economists expect the purchasing managers' index based on the survey to dip into contraction territory to 48.5 in August from 50.9 in July.

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