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Crude Edges Up Near $103


The price of crude oil was ticking higher Thursday morning, after slipping near its weekly low in the previous session on demand concerns.

Light Sweet Crude Oil (WTI) futures for May delivery, edged up $0.29 to $102.96 a barrel. Yesterday, oil ended lower after an Energy Information Administration report showed U.S. crude oil stockpiles to have jumped more than expected last week.

Wednesday during trading hours the EIA revealed that US crude oil inventories jumped 3.90 million barrels, while gasoline stocks shed 3.70 million barrels in the weekended April 13. Analysts were expecting crude oil inventories to add 400,000 barrels and gasoline stocks to move up by 140,000 barrels last week.

This morning, the U.S. dollar was steady near its monthly high versus the euro and trading flat against sterling. The buck moved back to a weekly high versus the yen and little changed against the Swiss franc.

Meanwhile, an auction of Spanish debt drew strong demand early today. The Treasury sold EUR 2.54 billion of 2- and 10-year bonds, slightly exceeding the EUR 2.50 billion maximum target set for the sale. However, the yield on the 10-year benchmark bond rose to 5.743 percent from 5.403 percent in the previous auction in January.

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 365,000 in the recent reporting week after claims spike to 380,000 in the previous week.

Later during the session, the National Association of Realtors is scheduled to release its report on existing home sales for March. Economists estimate existing home sales of 4.62 million for the month compared to 4.59 million units in February.

by RTTNews Staff Writer

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