Oil firmer

LONDON: Oil prices crept higher on Thursday, with all eyes on US weekly jobless numbers due later for clues about the potential size and pace of the US Federal Reserve’s stimulus package expected next week.

By 0930 GMT, US crude for December gained 17 cents to $82.11 a barrel, after falling nearly 1 percent on Wednesday, while ICE Brent was 22 cents firmer at $83.45.

Investors awaited the latest weekly reading of US unemployment figures due at 1230 GMT for clues about the health of the world’s largest oil consumer, and ahead of the anticipated second monetary stimulus package (QE2).


Most economists expect the Federal Reserve to buy between $80 billion and $100 billion worth of assets a month under a new programme to shore up the economy of the world’s largest oil consumer, a Reuters poll found on Wednesday. Analysts expect oil prices to remain under pressure ahead of the Federal Open Market Committee meeting, on fears that the market may have already priced in the fresh round of monetary stimulus.
“The price will remain above $80 until the Fed meeting and then it depends on the outcome, but I think there’s a good chance that we will fall back below the $80 level next week."