The price of crude oil was extending its four-month high Thursday morning amid hopes of higher demand from China after data Chinese exports rebounded strongly in December
China's exports soared 14.1 percent in the month from a year earlier, the fastest pace in seven months, data released by the General Administration of Customs showed. The outcome was much stronger than the 5 percent increase forecast by economists.
Light Sweet Crude Oil (WTI) futures for February delivery, gained $1.27 to $94.37 a barrel. Yesterday, oil settled steady above the $93-mark after a report from the Energy Information Administration revealed marginal build up in US crude oil inventories last week.
Wednesday during trading hours, the EIA said that US crude oil inventories moved up by 1.3 million barrels and gasoline stocks jumped 7.40 million barrels in the weekended January 04. Analysts expected a rise of 1.5 million barrels for crude oil and an increase of 2.6 million barrels in gasoline stocks.
This morning, the U.S. dollar was hovering around its three-week high versus the euro and sterling. The buck continued to trade around its 2-year high versus the yen and ticking lower against the Swiss franc.
In economic news from the euro zone, the Bank of England maintained quantitative easing at GBP 375 billion and the interest rate at a record low 0.50 percent.
The European Central Bank is set to announce its interest rate decision at 7.45 a.m ET. The central bank is seen holding its key interest rate at 0.75 percent. ECB President Mario Draghi will hold a regular press conference at 8.30 am ET.
Traders will look to the weekly jobless claims data from the U.S. Labor Department due out at 8.30 a.m ET. Economists expect claims to have declined to 362,000 from 372,000 in the previous week.
