RTTN:Crude Steady Above $83 Ahead Of Weekly Jobs Data
(RTTNews) - The price of crude oil was firm above $83 Thursday morning as traders await cues from the today's economic reports, including weekly jobless claims data.
Light Sweet Crude Oil (WTI) futures for September delivery edged up $0.21 to $83.10 a barrel. Yesterday, oil moved back near $83 after an official data revealed an unexpected drop in U.S. crude oil inventories last week.
Wednesday during trading hours, the EIA said U.S. crude oil inventories unexpectedly dipped by 5.20 million barrels and gasoline stocks moved down by 1.60 million barrels in the week ended August 05. Analysts were expecting crude oil stocks to move up by 1.35 million barrels and gasoline stocks to add 900,000 barrels last week.
This morning the U.S. dollar was trading flat versus the euro and sterling, while ticking lower against the yen. The buck continued to recover from its record low versus the Swiss franc.
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 the claims to edged up to 405,000 from the 400,000 reported last week.
Simultaneously, the U.S. Commerce Department will come out with its report on trade balance for June. Economists expect the trade deficit to narrow to $48 billion from a deficit of $50.2 billion in May.
