(RTTNews) - The price of crude oil edged up Friday morning after falling sharply in the previous session.
Light Sweet Crude Oil (WTI) futures for August delivery, edged up $0.48 to $91.50 a barrel. Yesterday, oil plummeted nearly 5 percent after the International Energy Agency announced it would release crude oil from its strategic reserves. for only the third time in its history.
Thursday during trading hours, the IEA said it planned to release 60 million barrels of oil in order to help compensate for the loss of over 140 million barrels due to interruptions from Libya. The Paris-based group said that two million barrels of oil would be released per day over the next 30 days, starting from "around the end of next week".
Meanwhile, the U.S. dollar was extending gains for a third session versus the euro and sterling, while moving lower against the Swiss franc and the yen.
Traders will look to the Commerce Department's durable goods orders report, due out at 8:30 a.m. ET. Economists expect a 1 percent rebound in durable goods orders for May following a 3.6 percent month-over-month drop in March.
Simultaneously, the Bureau of Economic Analysis is due to release its final estimate of first quarter GDP. Economists expect GDP growth for the quarter to be upwardly revised to 1.9 percent.
