After a brief pause in the previous session, the price of crude oil was extending its southward journey Tuesday morning amid a steady U.S. dollar.
Light Sweet Crude Oil (WTI) futures for June delivery were down $0.47 to $92.10 a barrel.
This morning, the U.S. dollar was paring its recent losses versus the euro to move back near its 4-month high and trading around its two-month high against sterling. The buck was moving higher against the yen and the Swiss franc.
In economic news from the euro zone, U.K. annual inflation slowed more than expected in April and reached the lowest since February 2010, data from the Office for National Statistics showed. Consumer price inflation fell to 3 percent from 3.5 percent in March. The figure was slightly below the expected rate of 3.1 percent. Nonetheless, inflation continues to stay above the 2 percent target.
Traders will look to the report on existing home sales from the National Association of Realtors, due out at 10.00 a.m ET. Economists estimate existing home sales of 4.66 million for the month after sales fell 2.6 percent month-over-month to an annualized rate of 4.48 million units in March.
Today after the market hours the API will release its crude oil inventories report for the weekended May 18.
by RTT Staff Writer
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