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 August delivery, the most actively traded contract, edged up $0.01 to $84.36 a barrel. Yesterday, oil ended higher as hopes for central bank stimulus resurfaced after Spanish and Italian bond yields surged to record high in the previous session.
Tuesday after the market hours, the API said U.S. crude oil inventories dipped 550,000 barrels, while gasoline stocks rose by 1.1 million barrels in the weekended June 15. Analysts were expecting crude oil inventories to decline by 1.0 million barrels and gasoline stocks to increase by 1 million barrels last week.
This morning, the U.S. dollar lingering near its one-month low versus the euro and sterling, while trading flat against the yen and the Swiss franc.
In economic news from the euro zone, Germany's producer price inflation slowed more than expected to 2.1 percent in May, Destatis said. Economists were expecting the rate to ease to 2.2 percent from 2.4 percent in April.
Meanwhile, policymakers of the Bank of England decided to retain the size of quantitative easing unchanged in a split vote, the minutes of the meeting showed. Four members of the Monetary Policy Committee sought more stimulus, while five members voted to maintain the QE intact at GBP 325 billion.
Today during trading hours, the EIA will release its U.S. crude oil inventories report for the weekended June 15. Analysts expect crude oil inventories to decline by 600,000 barrels last week.
Later, the Federal Open Market Committee is due to release the post-meeting policy statement at 12:30 am ET followed by the release of the FOMC forecasts at 2 pm ET.
by RTT Staff Writer
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