WASHINGTON (dpa-AFX) - The price of crude oil was hovering just over $90 Friday morning as traders await more clarity on the euro zone developments.
Light Sweet Crude Oil (WTI) futures for July delivery edged up $0.28 to $90.94 a barrel. Yesterday, oil rebounded from a seven-month low to settle higher helped by some encouraging economic data from the U.S., while ignoring a firm dollar.
This morning, the U.S. dollar hovering around its two-year high versus the euro and around its two-month high against sterling. The buck was moving lower against the yen and the Swiss franc.
In economic news from the euro zone, confidence among German consumers is set to remain stable in June, as the country's vibrant labor market and export gains shielded the economy from the turbulent economic conditions in the rest of euro zone. The consumer confidence index for June was at 5.7, unchanged from the revised reading of May. The May score was revised from 5.6 reported previously. Consumers are considerably more optimistic in May than in the previous month and the willingness to buy also improved slightly, GfK said in its latest report.
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