The price of crude oil was lingering near its weekly low Tuesday morning amid steady US dollar.
Light Sweet Crude Oil (WTI) futures for November delivery, slipped $0.63 to $101.78 a barrel. Yesterday, oil ended higher mostly on news of a possible deal on the budget and debt ceiling with President Barack Obama all set to meet Congressional leaders later in the day, even as the dollar trended lower against some select currencies. Nonetheless, the gains were capped after data from China showed inflation to have climbed with exports declining.
This morning the U.S. dollar moved back near its one-month high versus the euro, sterling, the Swiss franc and the yen.
In economic news from the euro zone, German economic sentiment climbed to its highest level in more than three years in October, a survey by the Center For European Economic Research or ZEW revealed. The ZEW indicator of economic sentiment increased to 52.8 in October from 49.6 in September. The index reading was the highest since April 2010. Economists had forecast the index to remain the same as in September.
Meanwhile, U.K. inflation remained unchanged at 2.7 percent in September, the report released by the Office for National Statistics showed. Inflation continues to hover above the central bank's 2 percent target. Economists had forecast the annual rate to drop to 2.6 percent.
From the U.S., the New York Federal Reserve is scheduled to release the results of its manufacturing survey for October at 8:30 am ET. Economists expect the index to improve to 7 from 6.29 in September.
