The price of crude oil was moving higher Tuesday morning with the US dollar ticking lower versus a basket of currencies amid a recent batch of upbeat macroeconomic data form the Europe and US.
Light Sweet Crude Oil (WTI) futures for September delivery, added $0.30 to $106.86 a barrel. Yesterday, oil settled marginally lower after Libya announced plans to increase output next month and as the dollar strengthened versus a basket of currencies.
This morning the U.S. dollar was trading flat versus the euro, while slipping toward a two-week low against sterling. The buck was moving lower versus the yen and the Swiss franc.
In economic news from the euro zone, Germany's manufacturing orders increased at a significantly faster rate in June than expected by economists, data released by the government showed. New orders in the manufacturing sector climbed a seasonally adjusted 3.8 percent sequentially in June, reversing the previous month's revised 0.5 percent decrease. Economists had forecast orders to record a more modest increase of 1 percent, following May's originally recorded 1.3 percent fall.
Meanwhile, U.K. industrial production recovered at a faster than expected pace in June, helped by mining and manufacturing output, the Office for National Statistics said. Industrial output rose 1.1 percent month-on-month in June, following three consecutive periods of zero growth. Economists had forecast output to grow moderately by 0.7 percent.
Traders will look to the trade balance report for June from the U.S. Commerce Department, due out at 8:30 am ET. Economists expect the trade deficit to narrow to $43 billion from $45 billion in the previous month.
Today after the market hours, the API will release its US crude oil inventories report for the weekended August 02.
