(RTTNews) - The price of crude oil was ticking lower Monday morning as traders await cues from the meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel.
Light Sweet Crude Oil (WTI) futures for February delivery, eased $0.36 to $101.20 a barrel. Last week, oil gained nearly 3 percent as Iran's threat to block the strategic Strait of Hormuz continued to raise supply concerns.
This morning, the U.S. dollar was leveling off from its 16-month high versus the euro and ticking lower against sterling. The buck was paring recent gains versus the Swiss franc and moving lower against the yen.
In economic news from the euro zone, Germany's trade surplus increased in November, the Federal Statistical Office said. Exports grew 2.5 percent month-on-month in November, partially offsetting the 2.9 percent decrease seen in October. Meanwhile, imports dropped 0.4 percent, following a 0.1 percent rise in the previous month. Economists were expecting 0.5 percent monthly growth for both exports and imports.
This week's focus will be on data on consumer spending, retail sales and weekly jobless claims apart from the several Fed speeches scheduled for the week.
Also, focus will be on crude oil inventories data from the API, due out Tuesday after the market hours, and the EIA due out the subsequent day.
