(RTTNews) - The price of crude oil recovered above $98 Wednesday morning as traders await cues from the official crude oil inventories data, due out later today.
Light Sweet Crude Oil (WTI) futures for June delivery were up $1.22 to $98.13 a barrel. Yesterday, oil edged down amid demand concerns and a steady U.S. dollar.
Tuesday after the markets close, the API said U.S. crude oil inventories increased by 2.67 million barrels, while gasoline stocks dipped by 676,000 barrels last week. Analysts were expecting crude oil inventories to increase by 1 million barrels and gasoline stocks to gain by 1.30 million barrels.
This morning, the U.S. dollar was extending losses for a third session versus the euro, while ticking higher against sterling. The buck was trading flat versus the Swiss franc, while leveling off from its 2-week high against the yen.
Today during trading hours, the EIA will come out with its U.S. crude oil inventories report for the week ended May 13. Analysts expect crude oil inventories to move up by 1.0 million barrels and gasoline stocks to increase by 800,000 barrels.
Traders will look to get some clues on the U.S. economic condition from the Federal Reserve's minutes of the April 26-27 monetary policy setting meeting, due out later during the session.
