(RTTNews) - The price of crude oil moved back above $81 Friday morning amid a relatively flat U.S. dollar ahead of the weekend G20 meeting.
Light Sweet Crude Oil (WTI) futures for December delivery, were up $0.93 to $81.49 a barrel. Yesterday, oil eased after China reported slowdown in growth and the U.S. dollar turned higher.
In news bullish to oil, JP Morgan said in its report that it expects the dollar to weaken by 4 to 5 percent over the next six months, giving oil a boost. Earlier this week, investment bank Goldman Sachs predicted the oil price will surpass $100 per barrel next year, citing increasing demand for crude oil rather than the weak dollar as the main reason.
Meanwhile, the U.S. dollar was trading flat versus the euro, sterling and the yen, as traders were cautious ahead of the weekend meeting by the finance ministers and central bank governors from the Group of 20 rich nations in South Korea to discuss reforms to the global economy. The buck was edging higher against the Swiss Franc.
With a light economic calendar today, traders will look to the movements in equity markets to get clues.
