(RTTNews) - The price of crude oil was lingering around its 2-week low Friday morning despite a recent batch of positive economic data from the U.S., and steep fall in U.S. crude oil inventories.
Jobless claims dropped in the U.S. last week and manufacturing activity in the mid-Atlantic region unexpectedly rose in December. Housing starts rose in November, while building permits fell unexpectedly.
Wednesday, the EIA said crude oil inventories were down by 9.9 million barrels, recording the biggest drop in eight years.
Light Sweet Crude Oil (WTI) futures for January delivery were down $0.35 to $87.35 a barrel. Yesterday, oil shed 1% amid a firm U.S. dollar.
Meanwhile, the U.S. dollar was relatively flat versus the euro, after previous session's losses, while ticking higher against sterling. In early trading the euro showed some signs of recovery after the EU leaders agreed last night to set a permanent mechanism to offer financial aid to debt-stricken countries, 'if indispensable", to prop up the common currency. The buck was struggling for direction against the Swiss Franc and the yen.
Earlier today, Moody's Investor Service downgraded Ireland's rating by five notches, from Aa2 to Baa1, citing the nation's troubled banks.
With a light economic calendar today, traders will look to the equity and currency markets to get clues for trading.
