Crude oil prices inched higher Friday morning, as yesterday’s weak U.S. GDP data renewed hopes the Federal Reserve will delay hiking interest rates.
WTI light, sweet crude oil for December was up 12 cents at $46.17 a barrel.
Oil is poised for a monthly gain of more than 2 percent despite signs that U.S. inventories are at record highs.
Geopolitical tensions and tumult within OPEC are keeping prices locked in near $45.
On the economic front, the Commerce Department is due to release its personal income and spending report for September at 8:30 am ET.
The material has been provided by InstaForex Company – www.instaforex.com