(RTTNews) - The price of crude oiledged up Monday morning amid advancing equities. While most Asian markets ended higher, European stocks were hovering in positive territory, buoyed by upbeat trade data from Germany.
Light Sweet Crude Oil (WTI) futures for September delivery were up $0.77 to $81.47 a barrel. Last week, oil broke above the $82-barrier first time in three months amid a plummeting U.S. dollar, however, settled below the mark Friday weighed down by weak jobs data from the U.S. Labor Department.
Meanwhile, the U.S. dollar fell to a fresh 3-month low versus the euro and lingered around its 6-month low against the British pound. The buck was trading around its calendar year low versus the yen.
The euro strengthened after data revealed today that Germany's economy is growing at a faster rate in two-decades. The German Federal Statistics Bureau said the trade surplus in Germany was at a seasonally adjusted EUR 12.3 billion in June, up from EUR 10.6 billion in May. Economists had expected a trade surplus of EUR 12.4 billion in June.
With a very light economic calendar, traders will look the movements in the stock markets to get clues during the day.
This week, crude oil inventories data from the API and EIA will be eyed by traders apart from FOMC's rate decision. Weekly jobless claims, CPI and retail sales data will also be in focus to get clues on the strength in the recovery of the economy.
