(RTTNews) - The price of crude oil was ticking higher Friday morning as the U.S. dollar was mixed ahead of jobs data from the U.S.
Light Sweet Crude Oil (WTI) futures for October delivery, edged up $0.22 to $95.75 a barrel. Yesterday, oil ended higher after the European Central Bank announced the much awaited, new bond-buying program that is expected to help troubled economies of the euro area. Oil prices were also aided by the Energy Information Administration's weekly report that indicated a more-than-expected decline in U.S. crude inventories last week.
Thursday during trading hours, the the EIA revealed that U.S. crude oil inventories dipped 7.40 million barrels and gasoline stocks were down 2.30 million barrels in the weekended August 31. Analysts expected crude oil inventories to dip by 5 million barrels and gasoline stocks to shed 3.50 million barrels last week.
This morning, the U.S. dollar was extending its two-month low versus the euro and four-month low against sterling. The buck was moving up toward a three-week high versus the yen and trading higher against the Swiss franc.
In economic news, Germany's exports and imports increased unexpectedly in July, data from Destatis revealed. Exports grew 0.5 percent month-on-month, partially offsetting June's 1.4 percent fall. Likewise, imports gained 0.9 percent after falling 2.9 percent in June. Economists had forecast a 0.5 percent drop in exports and 0.3 percent decrease in imports.
Meanwhile, U.K. industrial production recovered in July at a faster than expected pace, data from the Office for National Statistics showed. Industrial output grew 2.9 percent month-on-month, reversing June's 2.4 percent fall. The increase exceeded the 1.5 percent rise forecast by economists.
Traders will look to the unemployment data from the U.S. Labor Department, due out at 8.30 a.m ET. Economists expect non-farm payrolls for August to increase by 125,000, while the unemployment rate is expected to remain unchanged at 8.3 percent. The private sector is expected to have added 134,000 jobs. In July, the economy added 163,000 jobs.
