The price of crude oil moved down Friday morning on profit taking after seven straight days of gains that pushed prices to a two-month high.
Light Sweet Crude Oil (WTI) futures for September delivery, the most actively traded contract, lost $1.13 to $91.84 a barrel. Yesterday, oil extended gains for a seventh session to end sharply higher on geopolitical issues as traders viewed the tension build-up in the Middle East between Iran and Israel, and in Syria, could possibly disrupt oil supplies from the region. Oil prices were also supported by a weakening dollar and lower U.S. crude stockpiles.
This morning, the U.S. dollar was hovering around its 2-year high versus the euro and ticking higher against sterling. The buck was lingering around a monthly-low versus the yen and moving higher against the Swiss franc.
In economic news from the euro zone, producer price inflation in Germany slipped in June to its lowest level since May 2010, the Federal Statistical Office said. The producer price index rose 1.6 percent year-on-year in June from 2.1 percent in May. This was the lowest rate of inflation since May 2010, when it stood at 0.9 percent. Economists expected an increase of 1.8 percent in the producer price index.
by RTT Staff Writer
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