(RTTNews) - The price of crude oil was moving lower Friday morning as traders await cues from the non-farm payroll report from the U.S. Labor Department, due out later today.
Light Sweet Crude Oil (WTI) futures for November delivery, shed $0.90 to $90.81 a barrel. Yesterday, oil rebounded from its 2-month low to settle higher on supply concerns from the Middle East after tensions between Turkey and Syria escalated. Oil prices held on to the gains after minutes of the Federal Reserve's policy meet showed members agreed to a third round of quantitative easing last month, due to the uncertainty prevailing in the economy.
This morning, the U.S. dollar was recovering from a two-week low versus the euro and the Swiss franc, while ticking higher against sterling. The buck was paring recent gains versus the yen.
In economic news, Germany's factory orders declined more than expected in August, the Federal Ministry of Economics and Technology reported. Orders fell 1.3 percent from a month ago, when it rose 0.3 percent. Orders were forecast to decline by 0.5 percent. Domestic orders slipped 3 percent on a monthly basis, while foreign orders remained flat in August.
Traders will look to the non-farm payroll report from the U.S. Labor Department due out at 8.30 a.m ET. Economists expect non-farm payrolls for September to increase by 113,000, while the unemployment rate is expected to remain unchanged at 8.1 percent. The private sector is expected to have added 130,000 jobs. In August, the economy added 96,000 jobs, while the jobless rate dipped to 81. percent.
