An early decline in crude futures, accompanied a strengthening dollar, was followed by late morning upswing. Light crude for delivery in August is making a move up $1.23 at $63.25 this morning on the New York Mercantile Exchange. Earlier in the day, the price tracked below $62. On Thursday, the contract price settled at $62.02 after tacking on 48 cents. Investors are keying on a lot of data this morning. Some sunny housing data early in the morning showed a
surprising jump in housing construction last month. Splashy earnings announcements from Citigroup ( C), General Electric ( GE) and Bank of America ( BAC) are taking up a lot of the news cycle. Both GE and Bank of America beat street estimates, while Citi shocked by posting a 49-cent per share profit, thanks to a boost from its joint venture with Morgan Stanley ( MS). More than a few energy majors were following the indices down in the late morning. Shares of Exxon Mobil ( XOM) and BP ( BP) were losing 0.5% each. Occidental Petroleum ( OXY) was losing 0.6%, or 37 cents, at $66.90. The NYSE Arca Oil Index was losing ground too, down 0.4% so far.