The price of crude oil was moving lower Tuesday morning on demand growth concerns amid a recent batch of downbeat macroeconomic data out of the U.S.
Light Sweet Crude Oil (WTI) futures for September delivery, lost $0.90 to $106.04 a barrel. Yesterday, oil shed nearly 1 percent on some weaker-than-expected U.S. existing home sales in June and ahead of the weekly oil inventory data.
This morning the U.S. dollar was leveling off from its one-month low versus the euro, sterling and the Swiss franc. The buck was ticking higher against the yen.
In economic news from the euro zone, U.K. exports hit the highest since the recession in the second quarter, boosting hopes of strong recovery, a survey carried out by British Chambers of Commerce and logistics firm DHL showed. The export index that measures the volume of export documents issued to businesses gained 2.85 percent from the first quarter. It was 2.94 percent higher than in the same period of previous year. The activity was the highest since 2007.
From the U.S., the Federal House Finance Agency will release its house price index for May at 9 a.m. ET. The house price index is expected to have risen by 0.8 percent month-over-month in May following a 0.7 percent increase in April.
Today after the market hours, the API will release its US crude oil inventories report for the weekended July 19.
