The price of crude oil was ticking lower Wednesday morning as traders await cues from the official inventories data from the EIA, due out later today.
Light Sweet Crude Oil (WTI) futures for October delivery, the most actively traded contract, eased $0.42 to $96.42 a barrel. Yesterday, oil extended gains to settle at a fresh three-month high amid speculation that the European Central Bank is stepping up efforts with further policy measures to tackle the euro zone debt crisis.
Tuesday after the market hours, the API said U.S. crude oil inventories were down 6 million barrels and 869,000 barrels rise in gasoline inventories in the weekended August 17.
This morning, the U.S. dollar was lingering near a two-month low versus the euro and the Swiss franc, while slipping back near a three-month low against sterling. The buck was hovering around a 5-week high versus the yen.
Earlier today, data out of Japan revealed a wider-than-expected trade deficit for July, with merchandise deficit widening to 517.382 billion yen in the month compared with forecasts for a shortfall of 270.0 billion yen following the downwardly revised 60.3 billion surplus in June.
Traders will look to the report on existing home sales for July for the National Association of Realtors, due out at 10 am ET. Economists estimate existing home sales of 4.50 million for the month compared to a 4.37 million-unit rate for June.
The Federal Reserve is due to release the minutes of its July 31st-August 1st meeting at 2 pm ET.
Today during trading hours, the EIA will release its U.S. crude oil inventories report for the weekended August 17. Analysts expect crude oil inventories to dip by 2 million barrels and gasoline stocks to shed 1.25 million barrels last week.
by RTT Staff Writer
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