(RTTNews) - The price of crude oil was lingering below $80 Friday morning as traders fret over the strength in the global economic recovery after poor manufacturing data from out of China and Europe yesterday.
Light Sweet Crude Oil (WTI) futures for August delivery, the most actively traded contract, edged up $0.48 to $78.68 a barrel.
Yesterday, oil settled below $80, a fresh 8-month low, on demand concerns after some weak economic data from China and U.S., coupled with a strengthening dollar. Prices were also impacted by the more-than-expected U.S. crude oil stockpile increase last week. Investor sentiments were at a low after the Federal Reserve failed to provide any monetary stimulus measures, widely expected this time.
Meanwhile, the U.S. dollar was hovering around its two-week high versus the euro and trading flat against sterling. The buck continued to trade around its one-month high against the yen and flat versus the Swiss franc.
In economic news from the euro zone, Germany's business sentiment weakened more than expected in June, reports said citing the latest survey results from Ifo Institute. The business confidence index fell to 105.3 from 106.9 a month ago. Economists were expecting the index to fall to 105.6.
