RTTN: Crude Edges Up Above $75 Ahead Of Official Inventories Data
(RTTNews) - The price of crude oil edged up Wednesday morning amid a weak U.S. dollar. Traders also await the official weekly crude oil inventories data from the Energy Information Administration.
Light Sweet Crude Oil (WTI) futures for November delivery, the new front month contract, were up $0.42 to $75.39 a barrel. Yesterday, oil ended down after the Federal Reserve decided to stay pat on interest rates and hinted at further accommodation, if needed.
Tuesday after the markets close, the API said U.S. crude oil inventories rose by 2.2 million in the week ended September 17, contrasting analysts expectations for a draw of 1.5 million barrels.
Meanwhile, the U.S. dollar slipped to fresh 4-month low versus the euro, while trading flat against sterling. The buck was surrendering some of its recent gains versus the yen. The greenback turned weak after the Federal Reserve hinted more monetary easing to prop up the economy. Traders speculated that the Fed may be preparing to provide more stimulus, probably at its next meeting in November.
Today's focus will be on the official weekly crude oil inventories report from the EIA due out during market hours. Analysts expect crude inventories to have dipped by 1.50 to 1.70 million barrels in the week ended September 17.
