(RTTNews) - The price of crude oil was moving higher Tuesday morning as traders await more information on the impact of Tropical Storm Isaac that has " on average" become a hurricane as it rumbled toward the Gulf Coast.
Light Sweet Crude Oil (WTI) futures for October delivery, gained $0.42 to $95.89 a barrel. Yesterday, oil settled lower as worries over supply disruptions eased amid speculation that Tropical Storm Isaac will have little impact on production in the oil-rich Gulf of Mexico.
This morning, the U.S. dollar was slipping back toward a two-month low versus the euro and the Swiss franc, while trading flat against sterling and the yen.
In economic news from the euro zone, German consumer confidence is set to remain unchanged in September, contrary to expectations for a decline, a key survey revealed today. Market research group GfK said its consumer confidence index for September scored 5.9, unchanged from August and belying economists' expectations for a drop to 5.8.
Traders will look to the S&P/Case-Shiller home price index, scheduled to be released at 9 a.m. Economists expect a 0.3 percent year-over-year drop in the 20-city composite house price index for June.
Later during the session, the Conference Board will release its consumer confidence report for August. The consumer confidence index is expected to edge down to 65.5 in August.
Today after the market hours, the API will release its U.S. crude oil inventories report for the weekended August 24.
