The price of crude oil was edging up in morning deals Monday as buying emerged after oil hit a 6-week low in the previous session. This apart, a marginally weaker dollar also supporting the prices.
Light Sweet Crude Oil (WTI) futures for March 2010 were at $73.45, up $0.56, a barrel.
The U.S. dollar gave up its early gains against a basket of currencies. The greenback is moving down against the loonie and euro, while was up versus the British pound.
Traders were digesting the just released data on consumer spending by the U.S. Commerce Department. The report revealed that real consumer spending rose a seasonally adjusted 0.1% in December, while the real after-tax income rose a seasonally adjusted 0.3% in the same period.
The U.S. Commerce Department's report released Friday showed that gross domestic product increased at an annual rate of 5.7% in the fourth quarter compared to the 2.2% growth seen in the third quarter. Economists had been expecting GDP to increase by about 4.7% for the quarter. The expansion was driven by rising exports and business spending on equipment and software.
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May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.