Fog, and 31 ° F. 
NEW YORK (DTN) — New York Mercantile Exchange oil futures edged up in the early pre-market trade on Monday as the U.S. dollar weakened and equities kicked off the new week firmer.
At 8:00 AM ET on Monday, new spot-month October NYMEX WTI crude futures were up 55cts at $74.37 after trading between an overnight high of $74.42.
October Brent futures were up 60cts at $74.86 bbl on London’s ICE Futures this morning.
The September WTI crude contract expired on Friday after falling to a six-week low on its spot continuation chart at $73.19 amid concerns about slowing U.S. economic recovery and excess inventories.
In products trade, September NYMEX No. 2 heating oil futures were up 1.31cts at $1.9841 gal from Friday’s settlement and off a six-week low on the spot continuation chart at $1.9682. September NYMEX RBOB gasoline futures were up 1.05cts at $1.9356 gal from Friday’s settlement and off a three-month low on the spot continuation chart at $1.9085.
Market watchers said a slower U.S. economic growth would further erode fuel demand and pressure oil prices. Oil inventories are currently above their five-year averages for this time of the year.
The dollar index eased 0.23 percent this morning, making oil a more attractive investment, after euro-zone purchasing managers’ index came in a better-than-expected 55.6 in August. The index was compiled by industry research firm Markit.
The European purchasing data as well as revved up mergers and acquisitions boosted investor optimism and led to higher equities.
On weather, the National Hurricane Center said Tropical Storm Danielle strengthened over the Atlantic although it was headed for Bermuda, posing no threat to oil and gas facilities in the Gulf of Mexico.
