(RTTNews) - Crude prices were stuck in a narrow range on Thursday, even as traders reacted to the week's busiest day on the economic news front.
Developments on both sides of the Atlantic raised concerns about the pace of the global recovery, fueling expectations that demand for energy products may wane.
The price of crude for February fell $0.26 to $79.39 a barrel, its fourth consecutive daily decline. Earlier in January, crude hit a yearly high above $83, but has since tailed off despite dollar weakness.
In economic news from the US, the number of Americans filing for first-time unemployment claims rose modestly last week, suggesting lingering weakness in the jobs market. The U.S. Labor Department said that initial jobless claims came in at 444,000 for the week ended January 9. This was up 11,000 from the previous week's revised total.
Retail sales unexpectedly showed a modest decrease in the month of December, according to a report released by the Commerce Department on Thursday, although the drop in sales followed a notable increase in sales in the previous month.
The report showed that retail sales edged down by 0.3 percent in December following an upwardly revised 1.8 percent increase in the previous month.
Despite the discouraging news, the dollar held its ground versus the euro, which came under heavy pressure after European Central Bank President Jean Claude Trichet predicted the euro area economy will grow only at a moderate pace in 2010 and endure further job losses.
European Central Bank President Jean Claude Trichet predicted the euro area economy will grow only at a moderate pace in 2010 and endure further job losses.
His remarks came after the ECB decided to keep interest rates unchanged at one percent for an eighth straight month, noting factors supporting tenuous economic growth are of a temporary nature.
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