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Crude Levels Off From 6-week Low

3/30/2012 7:12 AM ET

The price of crude oil was rebounding from its 6-week low Friday morning amid a weak dollar and as traders look to the outcome of a euro zone finance ministers' meeting.

Light Sweet Crude Oil (WTI) futures for May delivery, added $0.51 to $103.29 a barrel. Yesterday, oil ended sharply lower at a 6-week low after the Saudi Arabian oil minister confirmed his country would be able to up oil production to check soaring prices. Oil prices were also impacted by a massive build-up in U.S. crude stockpiles as per the Energy Information Administration yesterday.

This morning, the U.S. dollar was lingering near its weekly low against the euro, while slipping back to a 5-month low against sterling. The buck was trading flat against the Swiss franc and the yen.

In economic news, euro zone inflation slowed less than expected in March, flash estimate published by Eurostat showed. Annual inflation fell to 2.6 percent in March from 2.7 percent in February. Economists were expecting the rate to ease to 2.5 percent. Inflation continues to stay above the European Central Bank's 'below, but close to 2 percent' target.

Meanwhile, Germany's retail trade turnover declined unexpectedly in February, data released by the Federal Statistical Office showed. Retail sales fell 1.1 percent month-on-month in real terms in February, following a 1.2 percent drop in January. Economists expected 1.2 percent increase in sales for February.

Traders will look to the Commerce Department's report on personal income & outlays report for February. Economists expect the report, which is due out at 8:30 a.m. ET, to show that personal income rose 0.4 percent and personal spending increased by 0.6 percent. In January, personal consumption rose by a mere 0.2 percent month-over-month.

by RTT Staff Writer

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