Crude oil prices rose to its highest in more than a year Tuesday morning with investors looking ahead to the outcome of the Wednesday's
On the economic front, Chinese inflation accelerated more than expected to a level last seen in January on higher food prices, while producer prices declined at a slower pace for the second month in May. Meanwhile, wholesale inventories in the US increased much more than expected in April, partly due to some continued growth in inventories of non-durable goods.
Meanwhile, the weekly oil report from the
Light Sweet Crude Oil futures for July delivery, the most actively traded contract, slipped
Crude prices for July delivery scaled a high of
On Monday, crude oil futures surged to a three-month high amid hopes of increased demand for oil, with signs of significant global recovery after some encouraging data in the last two weeks.
The dollar index, which tracks the US unit against six major currencies, traded at 80.84 on Tuesday, up from its previous close of 80.62 late Monday in North American trade. The dollar scaled a high of 80.87 intraday and a low of 80.55.
The euro traded lower against the dollar at
On the economic front, Chinese inflation rose to a 5-month high of 2.5% in May, but still below the government's target of 3.5%. Inflation was pushed up largely by rising food inflation with food prices rising 4.1%, while non-food prices gained only 1.7% in May.
In economic news from the US, a report from the
Most Popular Stories
- James Foley Beheading Video Is Real Thing: White House
- McDonald's Packages Coffee for National Distribution
- Apple Stock Bounces Back Big Time
- Faith Groups Divest From Fossil Fuels
- Notes From the July FOMC Meeting
- Castro-Blanco Joins Fifth Street Finance Board
- Honda's Safe Approach Pays Off in Sales
- GE Healthcare Bringing Jobs to Massachusetts
- Ballmer Steps Down From Microsoft Board
- Target Slashes Annual Profit Outlook