WASHINGTON (dpa-AFX) - The price of crude oil was firm above $97 Thursday morning as traders await cues from the official inventories data and jobs data from the U.S.
Light Sweet Crude Oil (WTI) futures for August delivery were up $0.64 to $97.29 a barrel. Yesterday, oil ended flat at its 3-week high as China's interest rate hike and fresh Europe's debt worries raised demand concerns.
Wednesday after the markets hours, the API said U.S. crude oil inventories fell by 3.20 million barrels and crude oil inventories dipped by 1.90 million barrels in the week ended July 01. Analysts were expecting crude oil inventories to dip by 2.5 million barrels last week.
This morning, the U.S. dollar advanced to a 2-week high versus the euro and sterling, while ticking higher versus the yen and the Swiss franc.
Elsewhere, the Bank of England maintained its key rates at 0.50 percent and holds its assets purchase plan at 200 billion pounds.
Traders will look to the private sector employment report from the ADP. Economists expect 70,000 job creations in the sector, up from 38,000 reported last month.
Also, the Labor Department will come out with its jobless claims data for the week ended July 01. Economists expect the claims to edge down to 420,000 from the last week's 428,000.
Today during trading hours the EIA will release its U.S. crude oil inventories report for the week ended July 01. Analysts expect 2.4 million drop in crude oil inventories, while gasoline stocks are seen rising by 200,000 barrels last week.
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