Crude oil prices edged higher Thursday as the dollar weakened on downbeat U.S. economic data.
Dec. oil up 12 cents, or 0.3%, to settle at $46.06/bbl on Nymex.
Growth in U.S. economic activity saw a notable slowdown in the third quarter, according to a report released by the Commerce Department on Thursday.
The Commerce Department said real gross domestic product rose by 1.5 percent in the third quarter compared to the 3.9 percent jump seen in the second quarter. Economists had expected a 1.7 percent increase.
The data is likely to create more confusion about when the Federal Reserve will raise interest rates.
Some analysts see hints of a December rate hike in yesterday’s Fed statement, but a sluggish economy heading into the winter could force policy makers to hold off until next year.
The U.S. Energy Information Administration said the nation’s crude stockpile grew by 3.4 million barrels in the week that ended Oct 23, a smaller than forecast increase.
The material has been provided by InstaForex Company – www.instaforex.com