The price of crude oil was ticking higher Tuesday morning as traders await the results of the U.S. presidential election. President Barack Obama is fighting for re-election in an extremely tight race with Republican challenger Mitt Romney.
Light Sweet Crude Oil (WTI) futures for December delivery, added $0.64 to $86.29 a barrel. Yesterday, oil gained nearly 1 percent mostly on bargain hunting with uncertainty surrounding the U.S. presidential elections.
This morning, the U.S. dollar was steady near a two-month high versus the euro and the Swiss franc, while moving up to a two-week high against sterling. The buck was hovering near a 4-month high versus the yen.
In economic news, euro zone producer price inflation remained unchanged at 2.7 percent in September, data released by Eurostat showed. This was marginally above economists' forecast of 2.6 percent. The producer price index in total industry, excluding the energy sector, increased 1.2 percent year-on-year.
Meanwhile, Germany's private sector contracted at steeper pace than estimated earlier in October, detailed results of a survey by Markit Economics showed. The composite output index, that measures performance of both manufacturing and service sectors, fell to 47.7 in October from 49.2 in September. The preliminary results showed a higher score of 48.1.
Today after the market hours, the API will release its US crude oi inventories report for the weekended November 02.
