(RTTNews) - Oil prices edged up Friday morning as traders were cautious ahead of the release of second quarter US GDP estimates.
Light Sweet Crude Oil (WTI) futures for October delivery were up $0.25 to $73.61 a barrel. Yesterday oil moved up for a second session, recovering from its 3-month low, amid bargain hunting after data form the U.S. revealed weekly jobless claims declined but remained at elevated levels.
Meanwhile, the U.S. dollar was struggling for direction, trading flat versus the euro and sterling.
Traders will look to second quarter GDP estimates from the U.S and a speech later in the day by Federal Reserve Chairman Ben Bernanke to get clues on the recovery of the economy. Economists expect the government to report that the U.S. economy expanded 1.4% in the second quarter, far less than the 2.4% rate estimated earlier.
