Crude Steady Ahead Of GDP Data

The price of crude oil was ticking higher Friday morning as traders await cues from today's economic data, including first read of fourth quarter GDP estimates.

Light Sweet Crude Oil (WTI) futures for March delivery, edged up $0.25 to $99.95 a barrel. Yesterday, oil extended gains for a second straight day mostly on a weak dollar and some mixed economic data from the U.S. Oil prices were also supported by a weaker dollar that was down against major currencies.

This morning, the U.S. dollar was lingering around its 6-week low versus the euro and sterling, while moving lower versus the Swiss franc and the yen.

In economic news from the euro zone, Germany's import price inflation eased sharply and for a third consecutive month in December, data from the Federal Statistical Office showed. Inflation eased to 3.9 percent in December from 6 percent in November and 6.8 percent in October. Economists expected the rate to be 3.8 percent.

Traders will look to the Commerce Department's release of the first read of its fourth quarter GDP estimate at 8:30 a.m. ET. The domestic economy is estimated to have expanded at a trend-like pace of 3.1 percent in the fourth quarter following a 1.8 percent expansion in the previous quarter.

Later during the session, the Reuters/University of Michigan's final report on the consumer sentiment index for January is scheduled to be released. The consumer sentiment index is expected to be maintained unchanged at the mid-month reading of 74.