The price of crude oil was recovering from its recent losses Tuesday morning as risk appetite improved amid rising global equities.
Light Sweet Crude Oil (WTI) futures for July delivery, moved up $0.61 to $94.76 a barrel.
This morning the U.S. dollar continued to level off from its 6-week high versus the euro, while trading flat against sterling. The buck was steady near its 4-year high versus the yen, while hovering around its 10-month high against the Swiss franc.
In economic news from the euro zone, Germany's import prices declined for the fourth consecutive month in April, data from Destatis showed. Import prices were down 3.2 percent annually, faster than the 2.3 percent drop in March. This was the biggest fall since November 2009, it said. Economists had forecast prices to ease by 2.3 percent again in April.
Meanwhile, Switzerland's trade surplus decreased from the previous month in April, defying economists' forecast for an increase, latest data showed The merchandise trade surplus declined to CHF 1.73 billion in April from CHF 1.89 billion in March, the Federal Customs Administration said. The balance was lower than the CHF 2.05 billion surplus economists had forecast.
Traders will look to the reading on consumer confidence for the month of May from the U.S. Conference Board, due out at will release its reading on consumer confidence for the month of May at 10 a.m ET. Economists expect the reading to come in at 71.0, slightly up from the previous reading of 68.1
