By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) — Crude-oil futures rose Wednesday, recouping some of the previous session’s steep losses as the dollar weakened and traders awaited a government report on inventories.
Crude for November delivery (CLX10 75.73, +0.76, +1.01%) , the front-month contract, rose 77 cents, or 1%, to $75.73 a barrel on the New York Mercantile Exchange.
Other energy products also rose, with natural gas flirting with $4 per million British thermal units.
The dollar index (DXY 79.63, -0.81, -1.01%) , which compares the greenback with six other currencies, was 0.9% lower at 79.69.
Oil declined nearly 2% on Tuesday. The Federal Reserve said it was ready to help the economy but didn’t provide concrete steps to ease monetary policy, a policy pronouncement that hit the dollar.
A weaker dollar is generally positive for commodities as it makes them less expensive for holders of other currencies and broadens their investment appeal.
Traders are also awaiting for fresh data on U.S. stockpiles. The Energy Information Administration is scheduled to release its weekly report on inventories at 10:30 a.m. Eastern.
Analysts polled by Platts expect a decline of 1.5 million barrels for the week ended Sept. 17. Gasoline stocks are expected to be unchanged, and reserves of distillates, which include diesel and heating oil, are seen increasing 100,000 barrels.
Late Tuesday, tThe American Petroleum Institute reported a surprise inventories increase. The trade group said crude supplies increased 2.4 million barrels on the week, while stocks of distillates rose 2.5 million barrels and gasoline stocks were 2.54 million barrels higher.
Meanwhile, natural gas for October delivery (NGV10 3.98, +0.06, +1.53%) added 7 cents, or 1.7%, to $3.99 per million Btus.
