RTTN:Crude Steady Near 2-week High On Growth Optimism
The price of crude oil was flat Friday morning as positive economic data in the US and China spurred optimism about global demand.
Light Sweet Crude Oil (WTI) futures for September delivery, eased $0.33 to $107.56 a barrel. Yesterday, oil settled sharply higher after some upbeat macroeconomic data out of the U.S. fueled hopes of continued demand growth for oil, notwithstanding a strong dollar. Investors exuded optimism after some better-than-expected initial jobless claims and manufacturing activity expansion in the U.S., Europe and China.
This morning the U.S. dollar was moving back near its 2-week high versus the euro, the Swiss franc and sterling, while moving higher against the yen.
In economic news, euro zone producer prices rose 0.3 percent in June from a year ago, reversing May's 0.2 percent fall, Eurostat reported. The rate matched economists' expectations. The industrial producer price index remained stable on a monthly basis as expected by economists, following a 0.3 percent drop in May.
British house prices recorded their strongest growth in nearly three years in July and the average home value climbed to the highest level in five years. The house price index increased 3.9 percent on an annual basis in July, notably faster than June's 1.9 percent rise, the Nationwide Building Society said Friday.
Traders will look to the unemployment from the U.S. Labor Department, due out at 8.30 a.m ET. Economists expect payrolls to increase by 175,000 following the addition of 195,000 jobs in June. The unemployment rate is expected to have edged down by 0.1 percentage points to 7.5 percent.
Simultaneously, the Commerce Department will release its personal income and spending report for June. Economists expect personal income and spending growth of 0.4 percent each for the month.
Later during the session, the Commerce Department will release its factory orders report. The consensus estimates call for a 2.3 percent month-over-month increase in factory orders for the month.
