The price of crude oil was steady above $92 Tuesday morning on weak dollar and concerns over potential threats to oil supply from the Middle East.
Light Sweet Crude Oil (WTI) futures for September delivery, edged up $0.25 to $92.45 a barrel. Yesterday, oil settled higher following some better-than-expected U.S. jobs data end last week. Investor hopes for further monetary stimulus strengthened with an increase in U.S. unemployment rate, notwithstanding the positive jobs data reported last Friday.
This morning, the U.S. dollar slipped back to a monthly low versus the euro and continued to tick lower against sterling. The buck was trading flat versus the yen and the Swiss franc.
In economic news from the euro zone, German manufacturing orders declined more than expected in June, the latest figures from the Federal Ministry of Economy and Technology showed. Factory orders fell 1.7 percent month-on-month in June compared to expectations for a 0.8 percent drop. In May, orders recorded a 0.7 percent increase.
Meanwhile, Production in the British industrial sector shrank notably in June mainly due to extra holidays for the Queen's Diamond Jubilee celebrations, the latest figures from the Office for National Statistics showed.
Today after the market hours, the API will release its U.S. crude oil inventories report for the weekended August 03. Analysts expect crude oil inventories to dip by 300,000 barrels and gasoline stocks to shed 2 million barrels last week.
by RTT Staff Writer
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