RTTN:Crude Edges Up Ahead Of Official Inventories Data
The price of crude oil was ticking higher Thursday morning as traders await cues from the private sector employment data and official inventories report.
Light Sweet Crude Oil (WTI) futures for December delivery, added $0.19 to $86.43 a barrel. Yesterday, oil settled higher as the dollar weakened after fluctuating for much of the day, even as investors weighed the impact of Super storm Sandy on oil supplies and demand.
This morning, the U.S. dollar was leveling off from its weekly-low versus the euro, while moving back to a fresh three-week low against sterling. The buck was hovering near a 4-month high versus the yen and trading flat against the Swiss franc.
In economic news from the euro zone, growth of Swiss retail sales slowed in September, data from the Federal Statistical Office revealed. Retail trade turnover grew 5.4 percent year-on-year in September, slower than 6 percent rise in the previous month. Excluding fuel retailing, sales were 5.2 percent higher than a year ago.
Elsewhere, the purchasing managers' index, an indicator of China's factory activity, rose to 50.2 in October from 49.8 in September, a survey conducted by the China Federation of Logistics and Purchasing revealed, suggesting that the economy is recuperating after being affected by a plunge in exports. At the same time, a private survey showed a marginal deterioration in operating conditions.
Traders will look to the private sector employment report from the ADP, due out at 8.15 a.m ET. Economists expects for an addition of 155,000 jobs by the sector in October following an addition of 162,000 jobs in September.
A little later, the Labor Department will come out with its weekly jobless claims data for the weekended October 27. Economists expect claims to increase to 369,000, flat with last week.
Today during trading hours, the EIA will release its crude oil inventories data for the weekended October 26. Analysts expect crude oil inventories to jump only 1.50 million barrels and gasoline stocks to add 200,000 barrels last week.
