(RTTNews) - The price of crude oil was holding on to its recent gains Tuesday morning amid a steady U.S. dollar.
In its monthly Oil Market Report released today, the OPEC trimmed its world oil demand growth forecast by 0.18 mbd to show growth of 0.9 mbd in 2011.
Light Sweet Crude Oil (WTI) futures for November delivery, edged down $0.66 to $84.75 a barrel. Yesterday, oil gained nearly 3 percent supported by a weaker dollar and hopes for a resolution to the European sovereign debt crisis. Traders snapped up commodities amid news that European officials are determined to backstop the region's banking sector amid a worsening sovereign debt crisis.
This morning, the U.S. dollar was paring its recent losses versus the euro and the Swiss franc, while ticking higher against sterling. The buck continued to struggle for direction against the yen.
In economic news from the euro zone, U.K. industrial production increased unexpectedly by 0.2 percent in August from July, data from the Office for National Statistics showed. Economists were expecting a 0.2 percent fall in production.
Traders will look to the minutes of the Federal Reserve's latest meeting, which could give some indication on the Fed's view on the U.S. economy.
