CM: Crude Oil Futures Open Modestly Firmer on Strong U.S., European Data
Crude oil futures were higher as open-outcry trading gets under way at the New York Mercantile Exchange, finding support from the latest economic data in Europe and the U.S.
Oil for September delivery is currently up 0.3%, or 35 cents, at US$93.08.
Growth data from both France and Germany were slightly better than expected, helping to prevent further escalation of worries over the European debt crisis. In the U.S., retail sales rose 0.8% in July, the biggest gain since February and easily beating expectations.
Crude is also being supported by geopolitical tensions in the Middle East, especially the latest war of words between Israel and Iran.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.
