17.11.201706:59:00UTC+00Crude Oil Rebounds On Weak Dollar

Crude oil futures rose Friday morning as the U.S. dollar weakened on political upheaval related to the Trump Administration.

Reports say investigators are linking Trump's successful to Russia, a potential hurdle to the president's pro-growth economic agenda that includes major tax reforms.

WTI light sweet crude oil was up 55 cents at $55.99 a barrel, trimming this week's losses. With the overnight advance, prices moved back toward 2-year highs seen earlier in November.

The U.S. rig count report from Baker Hughes is out this afternoon. The number of active U.S. rigs jumped sharply a week ago.

On November 30, OPEC meets in Vienna and will likely extend its supply quota plan with Russia.

Housing Starts for October will be issued at 8.30 am ET. The economists are looking for 1.190 million, while the prior month start level was 1.127 million.

E-Commerce Retail Sales for the third quarter will be published at 10.00 am ET. In the previous quarter the E-sales were up 4.8 percent.