(RTTNews) - The price of crude oil continued to drift lower Friday morning amid falling equity markets. While most Asian markets ended lower Friday, European share were extending their previous session's losses.
Light Sweet Crude Oil (WTI) futures for October delivery, were down $1.05 to $73.72 a barrel. The front-month September WTI contract expires later Friday.
Yesterday, oil shed to a fresh 6-week low after official jobless claims data from the U.S. rekindled worries over the employment situation. Also, the Federal Reserve Bank of Philadelphia's diffusion index of current activity fell to a negative in August, in stark contrast to economists' expectations for a positive reading.
Meanwhile, the U.S. dollar advanced to its highest level in a month against the euro and was gaining versus sterling. The buck was lingering around its lowest level since 1995 versus the yen.
With a light economic calendar, traders will look to the movements in currency markets to get clues.
