The price of crude oil was hovering above $107 Tuesday morning as traders await cues from today's economic data.
Light Sweet Crude Oil (WTI) futures for May delivery, edged up $0.23 to $107.26 a barrel. Yesterday, oil settled marginally higher as the US dollar weakened after comments by U.S. Federal Reserve Chairman Ben Bernanke that economic growth in the country may not be sustained. With possible indications of continued policy assist from the Fed, oil prices found support.
This morning, the U.S. dollar moved back near its one-month low versus the euro, sterling and the Swiss franc, while ticking lower against the yen.
In economic news from the euro zone, Germany's consumer confidence is set to drop in April, a survey by market research group GfK showed. The forward-looking consumer sentiment index came in at 5.9, down slightly from 6 points in March. Economists were expecting it to remain stable at 6 points. Economic expectations improved slightly once again and willingness to buy almost remained at the same high level, but income expectations fell, reversing the strong improvement of the previous month
Traders will look to the S&P/Case-Shiller home price index, scheduled to be released at 9 a.m. ET Economists expect a seasonally adjusted 0.2 percent month-over-month drop in the 20-city composite house price index for January compared to a 0.5 percent drop in the previous month.
Later during the session, the Conference Board will release its report on U.S. consumer confidence. The report, which is based on a survey of 5,000 U.S. households, is expected to show that the consumer confidence index rose to70.9 in March.
Today after the market hours, the API will release its crude oil inventories report for the weekended March 23.
by RTT Staff Writer
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