The price of crude oil was moving higher Tuesday morning on concerns over supply situation amid geopolitical tensions in Syria.
Light Sweet Crude Oil (WTI) futures for October delivery, added $1.02 to $106.94 a barrel. Yesterday, oil settled lower on some weaker than expected U.S. durable goods data for July, with the dollar trading higher against a basket of major currencies. Nonetheless, renewed hopes the Federal Reserve will maintain its bond-buying program supported prices.
This morning the U.S. dollar continued to hover near its one-week high versus the euro and the Swiss franc, while extending gains against sterling and the yen.
In economic news from the euro zone, German business confidence improved more-than-expected to 107.5 in August, reports said citing survey results from the Ifo Institute. Economists had forecast the index to rise to 107 in August from the originally estimated level of 106.2 in July. Similarly, current assessment among survey participants climbed to 112 from 110.1. It was forecast to rise moderately to 111.
From the U.S., the results of the S&P/Case-Shiller house price survey for June will be released at 9 a.m. ET. Economists expect the 20-city composite house price index for the month to increase by a seasonally adjusted 1 percent month-over-month. Annually, the index is expected to increase by an unadjusted 12.2 percent.
Later during the session, the Conference Board is due to release the results of its consumer confidence survey. The consensus estimates call for a small decline in the index to 78 in August from 80.3 in July.
Today after the market hours, the API will release its US crude oil inventories report for the weekended August 23.
