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Crude Oil Back Above $62 Ahead Of Inventories

Crude oil prices rose Tuesday morning, pushing past $62 a barrel amid speculation U.S. oil inventories are dwindling.

The American Petroleum Institute reports its weekly inventories numbers this afternoon, followed by the government's official report tomorrow morning.

Analysts say U.S. output may have levelled off over the holidays. Baker Hughes on Friday said the U.S. rig count dropped by five in the last week of the year.

WTI light sweet oil was up 33 cents at 62.06/barrel, the highest in 3 years.

The Labor Department's JOLTS report for November will be published at 10.00 am ET. The economists are looking for job openings of 6.038 million, up from 5.996 million in the prior month.

The Redbook data, a weekly measure of comparable store sales at chain stores, discounters, and department stores, is expected at 8.55 am ET. The stores sales in the prior week was up 5.0 percent.

by RTT Staff Writer

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