WASHINGTON (Alliance News) - The price of crude oil was trading firm near the USD100-mark Friday morning as traders await cues from the official inventories data, due out later today.
Light Sweet Crude Oil (WTI) futures for February delivery, edged up USD0.03 to USD99.58 a barrel.
A report by the API revealed that US crude oil inventories gained 500,000 barrels in the weekended December 20.
This morning the US dollar dipped near a 2-month low against the euro, as banks adjust positions ahead of the year end, and dived to a fresh 2-year low versus sterling. On the other hand, the buck jumped to a fresh 5-year high against the yen, while moving lower versus the Swiss franc.
Today after the market hours, the EIA will release its US crude oil inventories report for the weekended December 20. Analysts expect crude oil inventories to dip 2.2 million barrels last week.
