The price of crude oil was ticking higher Friday morning as traders await cues from today's economic data.
Light Sweet Crude Oil (WTI) futures for September delivery, edged up $0.33 to $89.72 a barrel. Yesterday, oil settled higher after reports emerged that European Central Bank President Mario Draghi has vowed to do whatever needed to preserve the euro.
Yesterday, Mario Draghi said "Within our mandate, the ECB is ready to do whatever it takes to preserve the euro." He added "And believe me, it will be enough." Mario Draghi, addressing the Global Investment Conference in London, The central bank chief's comments boosted markets and the euro.
This morning, the U.S. dollar was steady versus the euro, while continued to move lower against sterling. The buck was lingering near a weekly low versus the yen and trading flat against the Swiss franc.
The euro erased some of its recent gains against most of its major rivals after a report showed that the Spanish jobless rate hit a record level of 24.6 percent in the second quarter.
Unemployment rate in Spain increased in the June quarter, the latest figures from the statistical office INE showed. The rate rose to 24.63 percent in the second quarter from 24.44 percent in the first quarter. This was almost in line with economists' forecast of 24.65 percent.
Traders will look to the release advance estimate of second quarter GDP data from the U.S. Commerce Department, due out at 8:30 am ET. Economists expect GDP growth of 1.2 percent for the quarter following a 1.9 percent increase in the previous quarter.
by RTT Staff Writer
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