The price of crude oil was recovering from recent losses Friday morning amid a weak U.S. dollar on expectations that recent measures to stimulate growth would fuel inflation and keep interest rates at rock bottom.
Light Sweet Crude Oil (WTI) futures for November delivery moved up $0.65 to $93.07 a barrel. Yesterday, oil ended flat on demand growth concerns with some soft macroeconomic data out of Europe and China, the huge U.S. crude stockpile last week, and Saudi Arabia's decision to maintain production at a high level. Oil prices were also impacted with the dollar strengthening against a basket of major currencies and a sluggish U.S. equity market.
This morning, the U.S. dollar slipped back around its four-month low versus the euro and sterling, while moving lower against the yen and the Swiss franc.
In economic news from the euro zone the U.K. budget deficit remained unchanged in August from the previous year level, data from the Office for National Statistics showed. Excluding intervention, public sector net borrowing was GBP 14.4 billion in August, this was equal to the net borrowing in August 2011. Economists had forecast a level of GBP 15 billion.
by RTT Staff Writer
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