(RTTNews) - The price of crude oil was firm near its 3-month high Tuesday morning ahead to Wednesday's meeting of European leaders.
Light Sweet Crude Oil (WTI) futures for December delivery, gained $2.43 to $93.70 a barrel. Yesterday, oil rose nearly 5 percent to settle near a 3-month high amid optimism over global economic growth following positive economic data from the Asia. HSBC said Monday that its preliminary China Manufacturing Purchasing Managers Index, which measures industrial production, rose to 51.1 from 49.9 in September. Meanwhile, Japan reported a 2.4 percent growth in its exports in September, marking the second consecutive month of growth.
This morning, the U.S. dollar was little changed versus the euro and sterling, while ticking higher against the yen and edging down versus the Swiss franc.
In economic news from the euro zone, Germany's consumer confidence is set to rise in November, according to a survey by the market research group GfK. The forward looking consumer sentiment index rose unexpectedly to 5.3 for November from 5.2 in October. Economists were expecting the index to dip slightly to 5.1 points.
Traders will look to the S&P/Case-Shiller's house price index, due out at 9.00 a.m ET. Economists expect the results of the survey to show a 3.6 percent year-over-year drop in the 20-city composite house price index for August and a flat monthly reading.
Later during the session, the Conference Board will release its consumer confidence report for October. The report is expected to show that the consumer confidence index improved to 46 in October.
Today after the market hours, the API will release its U.S. crude oil inventories report for the week ended October 21. Analysts expect crude oil inventories to rise by 200,000 barrels, while gasoline stocks are seen dipping 1.25 million barrels last week.
