RTTN:Crude Back Above $82 Tracking Global Equities
(RTTNews) - The price of crude oil rose above $82 Tuesday morning as traders hoped that European leaders were making progress in an attempt to stabilize the region's debt crisis.
Light Sweet Crude Oil (WTI) futures for November delivery, advanced $2.20 to $82.44 a barrel. Yesterday, oil edged up to settle above $80 amid speculation of a possible interest rate cut by the European Central Bank. ECB governing council member Ewald Nowotny yesterday said the possibility of interest rate cuts should not be ruled out.
This morning, the U.S. dollar was hovering near its 8-month high versus the euro and 9-month high against sterling. The buck was trading around its 5-month high versus the Swiss franc, while ticking higher against the yen.
In economic news from the euro zone, confidence among German consumers is set to stabilize in October, survey results from the market research group GfK indicated today. The forward-looking consumer sentiment index remained at 5.2 points for October against economists' expectations for a fall to 5 points from 5.2 points in September.
Traders will look to the S&P/Case-Shiller Home Price indices for July, due out at 9.00 a.m. ET. Later during the session, the Conference Board will release its consumer confidence report for September. Economists expect the consumer confidence index to improve to 46.0 in September.
Today after the markets close the API will release its U.S. crude oil inventories report for the week ended September 23.
