(RTTNews) - After closing flat in the previous session, the price of oiledged up Monday morning on a weak dollar.
Light Sweet Crude Oil (WTI) futures for May 2010 were up $0.64 to $80.64 a barrel, after oscillating between $83 and $79 in this month.
However, worries over demand growth continued to cap big upside in the price. Last week, reports from the API and EIA indicated sluggish demand growth and pile up in U.S. crude inventories by over 7 million barrels in the week ended March 20.
Meanwhile, the U.S. dollar continued to ease against the British pound and the euro. Bouncing back from the 10-month low hit last week, the euro continued to move higher versus the dollar after European leaders agreed to a plan to backstop Greek debt.
Today traders will look to personal income data from the U.S. scheduled for release later today. Economists estimate the report to show that personal income rose 0.1% and personal spending climbed 0.3% in the month.
