The price of crude oil was steady above the $95-mark Friday morning as trader await the outcome of talks on Iran's nuclear program.
Light Sweet Crude Oil (WTI) futures for January delivery, the most actively traded contract, slipped $0.27 to $95.17 a barrel. Yesterday, oil settled at a near one-month high on perceived improved demand growth prospects after some upbeat initial jobless claims data out of the U.S., even as apprehension over the upcoming talks with Iran later this week persisted. Investors also weighed the Energy Information Administration's weekly oil report which showed a less than expected rise in U.S. crude stockpiles, with hints the Federal Reserve may cut down the pace of its monthly bond-buying program sooner than later.
This morning the U.S. dollar was leveling off from its 2-week high versus the euro and trading firm against sterling. The buck was extending its four-month high versus the yen and trading lower against the Swiss franc.
In economic news from the euro zone, German business confidence improved more than expected in November, survey results from the Ifo Institute revealed. The headline business climate index rose to 109.3 in November from 107.4 in October. Economists had forecast an increase to 107.7. The current conditions index scored 112.2 during the month, up from 111.3 in October. The expected score was 111.5. The expectations index jumped to 106.3 from 103.7 in the previous month. This was forecast to rise to 104.
Meanwhile, German economic growth moderated in the third quarter as estimated in the preliminary report, final data from the Federal Statistical Office revealed. The seasonally and calendar-adjusted gross domestic product increased 0.3 percent quarter-on-quarter in the third quarter, matching the preliminary estimate published earlier this month. This was much weaker than a 0.7 percent growth recorded in the second quarter.
