RTTN: Crude Slips From $79-mark After Inventories Data
(RTTNews) - The price of crude oil eased from the $79-mark Friday morning on worries over demand growth and on a resurgent dollar.
Light Sweet Crude Oil (WTI) futures for March 2010 were down $0.61 to $78.45, after rising near its monthly high in the previous session.
Yesterday, the Energy Information Administration data revealed that U.S. crude inventories rose by 3.10 million barrels in the week ended February 12. Analysts were expecting inventories to increase by 1.62 million barrels.
Meanwhile the U.S. dollar edged up versus the euro and the British pound. The greenback jumped sharply against the euro Thursday after the Federal Reserve said it was raising the interest rate it charges on emergency loans to banks by one-quarter point to 0.75% effective Friday.
Some of today's trading action may be guided by the U.S. CPI data and movements in the stock markets.
