RTTN: Crude Slips Below $76 Ahead Of Official Inventories Data
(RTTNews) - The price of crude oil pulled back from its 4-week high Wednesday morning as traders await the official data on weekly crude oil inventories from the U.S., the largest energy consumer.
Light Sweet Crude Oil (WTI) futures for October delivery were down $1.24 to $75.56 a barrel, after failing to break above the $78-mark in the past two sessions.
Tuesday after the market close, the API said U.S. crude inventories were up by 3.3 million barrels in the week ended September 10, sharply contrasting analysts' expectation for a 2.6 million barrel draw-down.
Meanwhile, the U.S. dollar was almost flat versus the euro and ticking lower against sterling. The British pound was struggling to sustain overnight gains after data revealed unemployment claims in UK rose by 2,300 in August, contrasting analysts' forecast for a fall of 3,000.
The buck was recovering smartly from its 15-year low versus the yen, after the Japanese government intervened in the currency market for the first time in six years as a strong yen made Japanese exports less competitive.
Today, traders will look to the official weekly data from the EIA, due out during trading hours. Analysts expect 2.5 million barrels draw down in crude oil inventories last week.
Also, results of the New York Federal Reserve's empire state manufacturing survey and data on August industrial production from the U.S. will be in focus.
