The price of crude oil was firm near $90 Thursday morning as demand worries eased amid falling inventories.
Light Sweet Crude Oil (WTI) futures for September delivery, edged up $0.27 to $89.18 a barrel. Yesterday, oil ended higher after an official data revealed U.S. crude oil stocks plummeted last week amid lower imports.
Wednesday during trading hours, the EIA revealed that U.S. crude oil stocks dived 6.50 million barrels and gasoline stocks shed 2.20 million barrels in the weekended July 27.
This morning, the U.S. dollar was paring recent gains versus the euro and ticking lower against sterling. The buck was moving lower versus the yen and the Swiss franc.
In economic news, euro zone industrial producer prices fell 0.5 percent month-on-month in June, the same rate of decline as seen in the prior month, Eurostat reported. The rate was marginally bigger than the expected decrease of 0.4 percent.
The Bank of England today maintained the asset purchase programme at GBP 375 billion and the key interest rate at a historic low of 0.50 percent, as widely expected.
The European Central Bank is likely to leave its benchmark interest rate at its record low of 0.75 percent. The bank will announce its rate decision at 7.45 am ET.
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 increase to 370,000 in the recent reporting week from 353,000 in the previous week.
Later during the session, the Commerce Department will release its report on factory goods orders for June. Economists estimate a 0.7 percent increase in orders for factory goods, the same pace of increase as in the previous month.
by RTT Staff Writer
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