(RTTNews) - The price of crude oil was paring recent gains Monday morning as traders fret over the euro zone financial situation after Spanish 10-year bond yields surged to new euro area highs.
Light Sweet Crude Oil (WTI) futures for September delivery, were down $2.60 to $89.23 a barrel. Last week, oil settled sharply higher on geopolitical issues as traders viewed the tension build-up in the Middle East between Iran and Israel, and in Syria, could possibly disrupt oil supplies from the region. Oil prices were also supported by a weakening dollar and lower U.S. crude stockpiles.
This morning, the U.S. dollar was extending its 2-year high versus the euro and moving higher against sterling. The buck was lingering around a monthly-low versus the yen and trading flat against the Swiss franc.
During this week, traders focus will be on the Commerce Department's new home sales report for June, the National Association of Realtors' pending home sales index for June, the Commerce Department's durable goods orders report for June, advance estimate of first quarter GDP and the final reading of the consumer sentiment survey by Reuters and the University of Michigan.
Also, focus will be on the crude oil inventories data from the API, due out Tuesday after the market hours, and the EIA due out the subsequent day.
