MW: Crude oil eases slightly ahead of supplies data
By Nick Godt, MarketWatch
NEW YORK (MarketWatch) -- Crude-oil futures fell slightly Wednesday but held well above the $82-a-barrel level, with traders positioned ahead of weekly supplies data from the Energy Department after an industry group reported a rise in gasoline inventories.
Crude oil for September delivery fell 11 cents to $82.44 a barrel, though that was well off an earlier low of $81.54 a barrel.
Energy futures came off lows after payroll-processor ADP said that U.S. private-sector employment increased by 42,000 in July. Read more about the ADP report.
The increase was "more than expected and has helped buoy oil prices," according to Mike Fitzpatrick, energy analyst at MF Global. "As a harbinger of U.S. payrolls, to be reported Friday, it suggests that with employment growing, a positive effect on energy demand growth may be subsequently anticipated."
Helped by a weaker dollar Tuesday, crude oil gained 1.5% to $82.55 a barrel on the New York Mercantile Exchange, its highest settlement in three months.
The American Petroleum Institute reported late Tuesday an increase of 2.3 million barrels in motor gasoline stocks for the week ended July 30. The U.S. government will report its more closely watched inventory data at 10:30 a.m. Eastern time.
