NEW YORK (
) -- Crude oil prices are inching higher as the dollar weakens in Friday's trading session.
Light sweet crude oil for July delivery was rising 61 cents to $100.84 a barrel and July Brent crude oil was up 33 cents at $115.38.
The greenback is down against the Euro by 0.92% after government data reported an underwhelming increase in consumer spending for April, which was symptomatic of the spike in gasoline prices.
Tepid economic data, a weakening dollar and reports from the latest G8 meetings all played roles in Friday morning's crude oil data, said John McLane, president of Mobius Asset Management.
oil holds at current levels, $99 to $100, it has a shot at the $104 to $106 level in the next two weeks," McLane said.
Matt Smith, an analyst at Summit Energy, said Friday's oil prices are "lukewarm" as investors considered the impact of seemingly conflicting reads on the economy and consumer sentiment.
Though the G8 reported that strength in the world economy will reduce debt, helping to propel the Euro against the US dollar on Friday, the poor housing data released by the government "took the wind out of the sails" for crude to make a run, Smith said.
Written by Joe Deaux in New York.
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