MW: Crude trends toward $72 ahead of economic data
By Nick Godt, MarketWatch
NEW YORK (MarketWatch) -- Crude-oil futures headed lower Wednesday, on track of a third session of losses, with investors focused on global concerns about banks and growth as the markets' attention turns ahead to key U.S. economic reports.
"Expect increased volatility ahead of today's pending home sales number and the delayed petroleum inventory numbers, which the [Department of Energy] will release on Thursday," said Stephen Schork, editor of the Schork Report.
Crude for July delivery fell 43 cents, or 0.6%, to $72.15 a barrel.
U.S. stock futures rose, with Dow industrials (DJIA 10,079, +54.95, +0.55%) up 37 points at 10,056.
In currency trading, the dollar made gains, particularly against Japan's yen.
Ahead of Friday's key U.S. report on nonfarm payrolls for May, investors turned to the Challenger Gray & Christmas layoffs report, which showed announced job-cut plans running slightly above April's four-year lows. And estimate on private-sector employment, culled from ADP payrolls data, is due Thursday, a day later than normal as a result of the Memorial Day holiday.
At 10 a.m. Eastern on Wednesday, the government will release data on April pending-home sales.
Crude futures fell 2% Tuesday as lingering concerns about global demand for energy outlasted bouts of optimism following positive U.S. macroeconomic data.
