The price of crude oil was little changed 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 down $0.04 to $104.16 a barrel. Yesterday, oil ended at a 2-week high on global cues, with some encouraging economic data that showed economic sentiment in Germany improved for the fifth straight month, while Spain's treasury bill auction saw strong demand although at a higher cost.
Tuesday after the market hours, the API said US crude oil inventories increased by 3.40 million barrels, while gasoline stocks dipped by 2.60 million barrels in the weekended April 13.
This morning, the U.S. dollar was advancing back near its monthly high versus the euro and continued to move lower against sterling. The buck was ticking higher against the Swiss franc and extending gains versus the yen.
In economic news, the euro zone current account unexpectedly logged a seasonally adjusted deficit of EUR 1.3 billion in February, the European Central Bank said. Economists were expecting the surplus to fall to EUR 2 billion from EUR 3.7 billion surplus seen in January.
Meanwhile, Bank of England's Monetary Policy Committee decided to maintain the size of the asset purchase programme at GBP 325 billion through a split vote as one member called for an increase in stimulus, the minutes of the meeting showed today.
Today during trading hours, the EIA will release its report on US crude oil inventories for the weekended April 13. Analysts expect crude oil inventories to add 400,000 barrels and gasoline stocks to move up by 140,000 barrels last week.
by RTT Staff Writer
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