(RTTNews) - The price of crude oil was moving higher Friday morning as traders await comments from Federal Reserve Chairman Ben Bernanke who is expected to speak at the central bank's gathering in Jackson Hole later today.
Light Sweet Crude Oil (WTI) futures for October delivery, gained $0.64 to $95.26 a barrel. Yesterday, oil settled below $95 for the first time in ten sessions after Hurricane Isaac missed oil installations, hitting Louisiana and as traders shifted focus to Federal Reserve Chairman Ben Bernanke
This morning, the U.S. dollar slipped back toward a two-month low versus the euro and the Swiss franc, while easing back to a weekly low against sterling. The buck was ticking lower versus the yen.
In economic news, euro zone inflation accelerated to 2.6 percent in August from 2.4 percent in July, flash estimate issued by Eurostat showed. The rate was forecast to rise to 2.5 percent. The central bank aims to retain inflation rates below, but close to, 2 percent over the medium term. The final report for August is due on September 14.
Meanwhile, Germany's retail sales decreased from the previous month in July, defying economists' forecast for an increase, data released by the Federal Statistical Office revealed. Retail sales turnover decreased 0.9 percent month-on-month in July, reversing the previous month's 0.5 percent increase. Economists were looking for a 0.2 percent growth.
Traders will look to the Institute of Supply Management-Chicago's release of its results of business survey for August at 9:45 am ET. Economists expect the business barometer index based on the survey to edge up to 53.8 from 53.7 in July.
Reuters and the University of Michigan are due to release the final report on the consumer sentiment index for August is scheduled at 9:55 am ET. The consumer sentiment index is expected to be left unrevised at 73.6.
Additionally, the Commerce Department is due to release its report on factory goods orders for July at 10 am ET. Economists estimate a 2 percent increase in orders for factory goods following a 0.5 percent drop in June.
