The price of crude oil was little changed Friday morning as traders digest better-than-expected Chinese manufacturing data and lack of cues from the FOMC minutes, released Wednesday
Light Sweet Crude Oil (WTI) futures for October delivery, edged up $0.06 to $105.09 a barrel. Yesterday, oil gained over 1 percent to recover from a two-week low after some better-than-expected manufacturing activity data from China improved demand growth outlook for oil and official data Wednesday showed crude inventories in the U.S. to have declined more than expected last week.
This morning the U.S. dollar was hovering near its one-week high versus the euro, the Swiss franc and sterling, while extending gains against the yen.
In economic news from the euro zone, Germany confirmed its robust recovery during the second quarter, with domestic spending and investment boosting growth to the fastest pace since the start of 2012. The economy expanded as initially estimated by 0.7 percent in the second quarter from the previous three-month period, detailed results published by Destatis showed. This was the biggest increase since the first quarter of 2012.
meanwhile, the U.K. economy expanded at a faster than initially estimated pace in the second quarter due to an upward revision in construction output, data from the Office for National Statistics showed. Gross domestic product grew 0.7 percent in the second quarter from a quarter ago, up from the prior estimate of 0.6 percent.
Traders will look to the new home sales report for July from the Commerce Department, due out at 10 a.m. ET. Economists expect new home sales to come in at a seasonally adjusted annual rate of 487,000 units, lower than 497,000 in the previous month.
