(RTTNews) - The price of crude oil was little changed Thursday morning as China's economic growth outlook raised concerns over demand from Asia.
Earlier this week, China reported its biggest monthly trade deficit in at least 22 years for February, indicating further slowdown in global economic growth.
Light Sweet Crude Oil (WTI) futures for April delivery, edged up $0.12 to $105.55 a barrel. Oil closed lower Tuesday after an Energy Information Administration report showed a higher-than-expected increase in U.S. oil stockpile and also on a strengthening dollar.
Yesterday during trading hours, the EIA revealed that U.S. crude oil inventories increased by 1.80 million barrels, while gasoline stocks eased 1.40 million barrels in the weekended March 09. Analysts were expecting crude oil inventories to jump 1.70 million barrels, while gasoline stocks are seen losing 1.0 million barrels last week. Wednesday, the IEA, in its monthly Oil Market Report, held its 2012 oil demand growth forecast steady at 0.8 mbd to 89.90 mbd.
This morning, the U.S. dollar was hovering near a monthly high versus the euro, while steady around its 2-month high against the Swiss franc and sterling. The buck was advancing towards its yearly peak versus the yen.
In economic news, the number of employed persons in euro zone fell 0.2 percent sequentially in the fourth quarter, the same rate of decline as seen in the third quarter, Eurostat said. The largest sequential fall in employment was recorded in construction and the highest increase in real estate activities. On a yearly basis, employment slipped 0.2 percent, wiping out the third quarter's 0.2 percent rise. Over the whole year 2011, employment increased by 0.2 percent.
Elsewhere, the Swiss National Bank decided to maintain its three-month Libor rate close to zero as expected and said it will continue to enforce the minimum exchange rate of CHF 1.20 per euro.
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 claims to decline to 355,000 in the recent reporting week from 362,000 in the previous week.
Simultaneously, the results of the New York Federal Reserve's empire state manufacturing survey is due. The headline general business conditions index for March is expected to come in at 17.50 after it advanced 6 points to 19.5 in February.
