The price of crude oil was moving higher Tuesday morning amid speculation of stimulus measures from central banks.
Light Sweet Crude Oil (WTI) futures for August delivery, added $1.68 to $85.43 a barrel. Yesterday, oil pared gains following some weak manufacturing data from the U.S., and as well some soft numbers out of Europe and China. The dollar made gains against most major currencies, while the euro declined.
This morning, the U.S. dollar was leveling off from its 10-day low versus the euro and sterling. The buck was steady around its one-month high against the yen, while trading flat versus the Swiss franc.
In economic news, euro zone producer prices fell 0.5 percent month-on-month in May, the latest figures released by Eurostat showed. The decline was slightly faster than the 0.3 percent drop predicted by economists. In April, the producer price index rose 0.1 percent. On an annual basis, the price index gained 2.3 percent compared to expectations for a 2.5 percent rise.
Traders will look to the Commerce Department's report on factory goods orders for May, due out at 10 am ET. Economists estimate a 0.1 percent increase in orders for factory goods following a 0.6 percent drop in the previous month.
Today after the market hours, the API will release its U.S. crude oil inventories report for the weekended June 29.
by RTT Staff Writer
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