The price of crude oil was paring recent losses Wednesday morning as traders await cues from the official inventories data from the EIA, due out later during the session.
Light Sweet Crude Oil (WTI) futures for May delivery, edged up $0.52 to $101.54 a barrel. Yesterday, oil extended losses to settle lower on demand concerns as trade data from China showed imports had dropped in the second largest economy in the world and on a strengthening dollar.
Tuesday after the market hours, the API said US crude oil inventories increased by 6.60 million barrels and gasoline stocks were up by 1.18 million barrels in the weekended April 06.
This morning, the U.S. dollar was leveling off from its 3-week high versus the euro, sterling and the Swiss franc, while paring recent losses versus the yen.
In economic news from the euro zone, Germany's wholesale price inflation slowed for the second consecutive month in March, data released by the Federal Statistical Office showed. The wholesale price index increased 2.2 percent on an annual basis in March, slower than the 2.6 percent growth seen in February. In January and December, the index rose 3 percent each.
Today during trading hours, the EIA will come out with its US crude oil inventories report for the weekended April 06. Analysts expect crude oil inventories to gain 2 million barrels and gasoline stocks to decline by 1.38 million barrels last week.
by RTT Staff Writer
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