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.
For comments and feedback contact: editorial@rttnews.com
Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.