RTTN: Crude Edges Up Ahead Of Weekly Inventories Data
(RTTNews) - The price of crude oilmoved up Wednesday morning, snapping its two-day downtrend as the euro and European equities recovered.
Light Sweet Crude Oil (WTI) futures for August delivery were up $0.61 to $76.55 a barrel. Yesterday, oil fell over 3% amid falling equities.
Late Tuesday, data from the API, an industry group, revealed U.S. crude inventories fell by 3.4 million barrels, while gasoline stocks fell by 908,000 barrels in the week ended June 25.
Meanwhile, the U.S. dollar moved down versus the euro after European banks borrowed less from the ECB than previously feared. The greenback was ticking higher against the British pound and the yen.
Traders will look to the data on weekly crude inventories from the EIA, due out later during trading hours. Analyst expect U.S. crude inventories to fall by 900,000 barrels in the week ended June 25.
Also, employment report for June from the Automatic Data Processing will be eyed. Economists expect the report to show 60,000 job creations in June versus 55,000 new jobs in May. The Institute for Supply Management will release June index of regional business activity later in the day.
