(RTTNews) - The price of crude oil moved up Thursday morning as traders sentiment improved after European leaders made a breakthrough in resolving the region's two-year old debt crisis. Also, a weak dollar helped oil price gain.
Light Sweet Crude Oil (WTI) futures for December delivery, gained $2.19 to $92.39 a barrel. Yesterday, oil shed over 3 percent after an official data revealed a larger-than- projected gain in U.S. stockpiles and concerns that European debt-crisis talks are stalling.
Wednesday during trading hours, the EIA revealed that U.S. crude oil inventories increased by 4.70 million barrels, while gasoline stocks dropped by 1.40 million barrels in the week ended October 21. Analysts were expecting crude oil inventories to rise by 1.48 million barrels, while gasoline stocks are seen dipping 1.75 million barrels.
This morning, the U.S. dollar slipped toward a 2-month low versus the euro and sterling, while extending its 6-week low against the Swiss franc and lingering near a record low versus the yen.
Traders will look to the Labor Department's weekly jobless claims data, due out at 8.30 a.m. ET. Economists expect the claims to increase to 405,000 from the 403,000 reported last week.
Simultaneously, the Commerce Department is due to release its advance estimates of third quarter GDP. Economists expect GDP growth of 2.5 percent for the quarter following a 1.3 percent expansion in the previous quarter.
Later during the session, the National Association of Realtors will come out with its report on pending home sales.
