Crude oil futures nudged higher Friday morning as China’s central bank late Friday cut both interest rates and the reserve-requirement ratio for banks.
Yesterday, meanwhile, there were indications from the European Central Bank that further stimulus is likely in December.
These moves could help spur demand for energy products.
U.S. crude oil for December was up 21 cents at $45.60 a barrel, but is poised for a weekly loss of 2.7 percent.
Markit is set to release flash estimate of its U.S. manufacturing PMI for October at 9:45 am ET. Economists expect the manufacturing PMI to remain unchanged at 53.
The material has been provided by InstaForex Company – www.instaforex.com