RTTN: Crude Little Changed Ahead Of U.S. Jobs Data
(RTTNews) - The price of crude oil was flat Friday morning as traders await this month's all-important jobs data from the U.S.
Light Sweet Crude Oil (WTI) futures for August delivery were flat at $73 a barrel. Yesterday, oil slipped to its 3-week low on downbeat economic reports from the U.S., including weekly jobless claims and housing data.
Meanwhile today, China said its economy expanded more than initially thought in 2009. The revised figures from the National Bureau of Statistics showed that gross domestic product rose 9.1% last year, faster than 8.7% rise reported initially.
In news bullish to oil, the American Automobile Association said the number of U.S. residents driving over the holiday period is expected to increase by 17.7% from a year ago. On the other hand, Tropical Storm Alex had weakened and moved into northern Mexico.
Meanwhile, the U.S. dollar was lingering near its 6-week low versus the euro. Today's data revealed that the European Monetary Union unemployment rate was unchanged at 10.1% in May. The greenback edged down against the British pound and trading weak against the yen, lingering around its 2010 low.
Traders will seek further direction from the much watched U.S. unemployment report for June scheduled for release later today. Economists expect U.S. payrolls to have fallen 110,000 in June.
