WASHINGTON (Alliance News) - The price of crude oil was little changed Monday morning, with the US dollar trading mixed versus a basket of currencies.
Light Sweet Crude Oil (WTI) futures for March delivery, added USD0.14 to USD96.78 a barrel. Last week oil rebounded nearly 3% after data from the US Energy Information Administration showed distillate stockpiles to have declined more than expected last week, not withstanding a better than expected rise in crude and gasoline inventories.
This morning the US dollar was trading mixed versus a basket of currencies.
In economic news from the euro zone, German business confidence rose more-than-expected in January, reports said citing survey results from the Ifo Institute. The business confidence index climbed to 110.6 in January from 109.5 a month ago. The score was forecast to rise to 110. The expectations index improved more than expected to 108.9 from 107.4. The expected score was 108.
During this week, traders focus will be on the results of consumer confidence surveys for January by both the Conference Board and the Reuters and the University of Michigan combine, advance fourth quarter GDP estimate, the jobless claims report, the Commerce Department's durable goods orders report and the personal income and spending reports, both for December. The 2-day FOMC meeting beginning Tuesday will also be under the radar.
Also, focus will be on the crude oil inventories data from the API, due out Tuesday after the market hours, and the EIA due out the subsequent day.
