(RTTNews) - The price of crude oil edged down Tuesday morning as traders await cues from inventories data from the American Petroleum Institute.
Light Sweet Crude Oil (WTI) futures for June delivery were down $0.42 to $111.86 a barrel. Yesterday, oil ended flat near $112 amid a weak U.S. dollar.
Meanwhile, China's banking regulator denied reports that it set capital targets for the nation's five biggest lenders above the minimum 11.5 percent ratio.
This morning, the U.S. dollar continued to linger around its 15-month low versus the euro and sterling. The buck slipped to a record low versus the Swiss franc and trading weak against the yen.
Traders will look to the S&P/Case-Shiller Home Price Indices, due out by 9.00 a.m ET. Economists expect house prices declined 3.2 percent year-over-year in February following the 3.1 percent decline in the previous month.
Later during the session, the Conference Board will come out with its results of consumer confidence survey for April. Economists expect the reading to come in at 64.5, up from 63.4 recorded in the previous month.
Today after the markets close, the API will come out with its U.S. crude oil inventories report for the week ended April 22. Analysts expect crude oil inventories pile up by 1 million barrels, while gasoline stocks are seen dipping by 1.3 million barrels.
