(RTTNews) - The price of crude oil was ticking lower Friday morning as traders await further cues over the likelihood of more economic stimulus for the U.S. economy.
Meanwhile, the leaders of Germany and France also suggested that they would be reluctant to extend deadlines for Greece to make reforms.
Light Sweet Crude Oil (WTI) futures for October delivery, slipped $0.44 to $95.83 a barrel. Yesterday, oil retreated from near its four-month high on profit taking and as well on some weak manufacturing data out of China.
This morning, the U.S. dollar was recovering from a two-month low versus the euro and the Swiss franc, while leveling off from a three-month low against sterling. The buck was lingering near a two-week low versus the yen.
In economic news from the euro zone, the U.K. economy contracted 0.5 percent in the second quarter, revised upwards by 0.2 percentage points from the fall of 0.7 percent published on July 25, data from the Office for National Statistics showed. Nonetheless, the sequential fall was bigger than the 0.3 percent drop registered in the first quarter. The revision largely reflects upward revisions to construction and production output. Output of production industries slipped 0.9 percent, revised from the 1.3 percent drop estimated initially.
Traders will look to the data on durable goods orders from the U.S. Commerce Department, due out at 8.30 a.m ET. Economists expect a 1.9 percent increase in durable goods orders for July. Excluding transportation, orders may have risen 0.4 percent.
