MW: Crude oil futures rise after ADP, ahead of Fed
By Nick Godt, MarketWatch
NEW YORK (MarketWatch) — Crude oil futures were higher on Wednesday, receiving a lift from a larger-than-expected draw in U.S. supplies and upbeat data on private-sector jobs.
Oil’s gains came despite a firmer dollar, as investors awaited the end of the Federal Reserve’s two-day meeting expected to yield further easing measures.
Crude oil for December delivery (CLZ10 84.33, +0.43, +0.51%) was up 33 cents, or 0.4%, to $84.25 a barrel.
Commodities received an extra lift after payroll-processor ADP said the U.S. economy added 43,000 private-sector jobs in October. The Labor Department will report the monthly tally of overall U.S. employment on Friday. Read more on ADP’s jobs reprot.
Crude was already trading higher after the American Petroleum Institute reported late Tuesday a drop of 4.1 million barrels in the nation’s crude-oil inventories in the week ended Oct. 29.
That was larger than the 2-million-barrel decline seen by analysts polled by Platts. The Energy Department will report its more widely followed estimates at 10.30 am Eastern.
