(RTTNews) - The price of crude oil was rebounding Friday morning after the European leaders agreed to take action to bring down Italy's and Spain's spiraling borrowing costs and to create a single supervisory body for euro zone banks by the end of this year.
Light Sweet Crude Oil (WTI) futures for August delivery, gained $2.50 to $80.19 a barrel. Yesterday, oil dived to a 8-month low amid concerns over the outcome of the European Union summit meeting that is underway, a strong U.S. dollar and as well on a decline is U.S. equity markets
This morning, the U.S. dollar leveling off from its one-month high versus the euro and hovering near a 2-week high against sterling. The buck was steady around its one-month high against the yen, while ticking lower versus the Swiss franc.
In economic news, the euro zone annual inflation remained unchanged at 2.4 percent in June, flash estimate released by Eurostat showed. Though the rate remained comfortably above the central bank's target, the European Central Bank feels that there is no inflation risk at present in the euro area. The June inflation rate was the lowest since February 2011 and was in line with economists' expectations.
Meanwhile, German retail sales fell unexpectedly in May for the second month in a row. Sales were down by real 0.3 percent month-on-month in May, marking a second consecutive monthly fall, the latest figures from the Federal Statistical Office showed. The outcome was in contrast to expectations for an increase of 0.2 percent and follows a 0.2 percent drop in April.
Traders will look to the release personal income & outlays report for May at 8:30 am ET. Economists expect the report to show that personal income rose 0.3 percent, while personal spending is expected to have remained unchanged. In April, personal income edged up by 0.2 percent and personal spending rose by 0.3 percent.
The results of the Institute of Supply Management-Chicago's business survey for June are scheduled to be released, later during the session. Economists expect the business barometer index based on the survey to improve to 53.1 from 52.7 in May.
