RTTN: Crude Moves Back Above $84 Despite Demand Concerns
(RTTNews) - The price of crude oiledged up Thursday morning despite discouraging inventories data from the U.S., the largest consumer.
Light Sweet Crude Oil (WTI) futures for June delivery edged up $0.92 to $84.14 a barrel, after dipping to a fresh 4-week low intraday Wednesday.
Yesterday, the U.S. Energy Information Administration said crude inventories rose by 2 million barrel last week. Analysts were expecting only for a gain of 800,000 barrels.
Rating agency Standard & Poor's on Wednesday downgraded the debt rating of Spain by one notch to AA, indicating a negative outlook and possible further downgrade. This came in just after a day the agency downgraded sovereign debt rating of Greece and Portugal.
Meanwhile, the U.S. dollar was easing versus the euro in morning deals, leveling off from a fresh one-year high hit in the previous session. The greenback is ticking lower against the British pound. The U.S. Federal Reserve's decision to keep interest rates near zero for an 'extended period', put mild pressure on the U.S. dollar.
Traders will look to weekly jobless claims data from the U.S., due out later today, to get clues on the strength in the recovery of the economy.
