(RTTNews) - The price of crude oil edged up above $98 Monday morning as uprising in Libya continued over the weekend and violent protests in Oman cemented speculation that political upheaval could impact other crude exporters.
Light Sweet Crude Oil (WTI) futures for April delivery were up $0.35 to $98.23 a barrel. Last week, oil surged nearly 10 percent as investors weighed the risk of Libya unrest spreading to neighboring oil rich nations.
This morning, the U.S. dollar was lingering near its one-month low versus the euro and paring its recent gains against sterling. The buck was trading flat versus the Swiss franc and the yen.
Traders will look to the Commerce Department's report on personal income & outlays for January. Economists expect the personal income and personal spending to increase 0.4 percent each in the month.
Later during the session, the National Association of Realtors will release its data on pending home sales. Consensus estimates is for a decline of 3.2 percent in December.
