(RTTNews) - The price of crude oil slipped below $75 Monday morning amid weak European equities and U.S. futures.
Light Sweet Crude Oil (WTI) futures for October delivery were down $0.40 to $74.77 a barrel. Last week, oil moved between $75.59 and $70.76 on intraday basis, before settling at $75.17
Meanwhile, the U.S. dollar was ticking higher versus the euro, while paring its recent gains against the yen. The buck was flat against sterling after the British Chambers of Commerce hiked U.K.'s 2010 GDP growth forecast to 1.7% from the earlier 1.3%. Similarly for 2011, the Chamber upped its forecast to 2.2% from the 2% predicted in June.
This week traders will look to the data on personal income and spending, ADP employment change, weekly jobless claims, non-farm payrolls and unemployment rate from the U.S., apart from the customary weekly crude oil inventories data from the API and EIA.
