(RTTNews) - The price of crude oil was little changed Friday morning amid a weak U.S. dollar and concerns over demand growth after official data earlier this week revealed huge pile up in U.S. crude oil inventories.
Light Sweet Crude Oil (WTI) futures for June delivery edged up $0.26 to $113.12 a barrel. Yesterday, oil extended its lackluster performance ending flat near $112 for a fourth session, as a weak U.S. dollar offset demand concerns.
This morning, the U.S. dollar continued to linger around its 16-month low versus the euro and sterling. The buck slipped to a fresh record low versus the Swiss franc and lingering near multi-year low against the yen.
Traders will look to the data on personal spending and income form the Bureau of Economic Analysis , due out at 8:30 am ET. Economists expect a 0.5 percent increase in personal spending and a 0.3 increase in personal income.
Later during the session, the Institute for Supply Management-Chicago is scheduled to release the results of its manufacturing survey. Economists expect the index to decline further to 68 in April from 70.6 in March.
Also on tap are the results of the consumer sentiment survey of Reuters/University of Michigan. The report is due at 9:55 am ET. Economists expect the index for April to be left unrevised at 69.6.
