RTTN: Crude Little Changed Ahead Of Official Inventories Data
(RTTNews) - The price of crude oil was lingering near its 3-month low Wednesday morning as traders await the data on weekly inventories from the EIA, new home sales and durable goods orders.
Light Sweet Crude Oil (WTI) futures for October delivery edged up $0.01 to $71.64 a barrel. Yesterday, oil dipped near its 3-month low after the National Association of Realtors said existing home sales fell by 27% to an annual rate of 3.83 million units in July, belying economists expectations for a drop of only about 12% to 4.72 million units. Furthermore, China said its crude oil imports were down over 3% year-on-year in July.
Tuesday after the markets close, the industry body API said U.S. crude inventories dipped by 1.85 million, while gasoline inventories climbed 692,000 barrels last week.
Meanwhile, the U.S. dollar was leveling off from its highest level in a month against the euro and trading flat versus sterling. The euro edged up after the Ifo business climate index surprisingly rose to 106.7 in August from 106.2 in July, belying forecasts for a drop to 105.7. The buck was recovering from its overnight losses versus the yen amid speculation that Japan may intervene to stem the yen's rise.
Traders will look to weekly crude oil inventories data from the EIA, due out today during the market hours. Analysts expect 300,000 barrels of crude oil inventories pile up, while 450,000 barrels draw in gasoline inventories.
Also, the data on durable goods orders and new home sales for July from the U.S. will be eyed. Economists expect that durable goods orders increased 3% during the month, following a 1% decline in the previous month and new home sales of 330,000, unchanged from the previous month.
