(RTTNews) - The price of crude oil was ticking higher Tuesday morning amid upbeat economic data from the euro zone.
Light Sweet Crude Oil (WTI) futures for June delivery edged up $0.14 to $94.92 a barrel. Yesterday, oil ended at a fresh five month low on demand growth concerns over the Greece political imbroglio, and fears the country may be heading out of the euro zone
This morning, the U.S. dollar was leveling off from its 4-month high versus the euro after upbeat economic data from the Germany and the EU. The buck was steady near its 3-week high against sterling and lingering around its monthly low versus the yen, while trading flat against the Swiss franc.
In economic news, the German economy expanded more than expected in the first quarter of 2012, data released by the Federal Statistical Office showed. Gross domestic product rose 0.5 percent from the prior quarter, when it fell 0.2 percent. Economists had expected only 0.1 percent growth for the first quarter.
Separate data from the Eurostat revealed that the euro zone economy avoided a recession in the first quarter. Gross domestic product for the 17-nation bloc remained flat sequentially after shrinking 0.3 percent in the fourth quarter. Economists were forecasting a 0.2 percent contraction for the first quarter
Traders will look to the data on U.S. inflation from the Labor Department due out at 8.30 a.m ET. Economists expect the headline index to have remained unchanged compared to a 0.2 percent increase in core inflation. In March, both the headline and core inflation came in at 0.8 percent.
Simultaneously, the Commerce Department is set to release its retail sales report for April. Economists estimate a 0.1 percent increase in retail sales and a 0.2 percent increase in retail sales that exclude autos.
Around the same time, the New York Federal Reserve's empire state manufacturing survey is slated to be released. The headline general business conditions index for May is expected to come in at 10 after it declined sharply to 6.6 in April.
Later during the session, the National Association of Home Builders will release the results of its May survey on homebuilders' confidence. The consensus estimates call for the index to increase by 1 point to 26.
Today after the market hours, the API will release its report on U.S. crude oil inventories for the week ended May 11.
