Oil futures add one percent in American trade

Oil futures rose nearly one percent away from the lowest since August 10, 2016, shrugging off the dollar's modest advance today, following earlier data from the US, the world's largest energy consumer. 

As of 05:56 GMT, US crude futures due on August 16 rose 0.88% to $43.39 a barrel from the opening of $42.99, while Brent crude futures due on August 16 added 0.57% to $45.80 a barrel from the opening of $45.54, as the dollar index gained 0.09% to 97.35 from the opening of 97.26. 

From the US, earlier data showed durable goods order down more than expected in May, while core orders rose below expectations in the same month. 

Similarly, San Francisco Federal Reserve Governor John Williams said in a speech that he expects inflation to hit 2% by 2018, pointing to the strength of the US labor sector, and projecting unemployment rates to continue falling before steadying at slightly above 4% until 2018. 

Williams asserted to the importance of carrying on the tightening agenda by the Federal Reserve to ensure sustainable growth for the economy, while noting the bank doesn't intend to cause ruptures in the global markets, and expecting to start the plan to trim down the balance sheet later this week, mentioning there's no obstacle to increase interest rates and cut down the balance sheet at the same time. 

 Oil futures are recovering on profit-taking, after marking the fifth weekly loss in a row last Friday, the longest such streak since 2015, as markets price in above five-year averages global oil inventories at 292 million barrels, and after US, Libyan, and OPEC production increased in May.