The price of crude oil was little changed Wednesday morning as traders await cues from the ADP's private employment report.
Earlier today, China said its manufacturing sector growth eased further in May, reflecting a slowdown in demand, while inflation also cooled amid the government's aggressive policy tightening.
Light Sweet Crude Oil (WTI) futures for July delivery edged down $0.23 to $102.47 a barrel. Yesterday, oil settled at a 3-week high on signals the European Union will approve aid for Greece, bolstering the euro against the dollar.
This morning, the U.S. dollar was lingering around its three-week low versus the euro, while leveling off from its three-week low against sterling. The buck was lingering near record low against the Swiss franc, while trading flat versus the yen.
Traders will look to the ADP's private employment report, scheduled for release at 8.15 a.m. ET. Economists expect the private sector to have added 170,000 jobs in May 179,000 jobs additions in the previous month.
Later during the session, the Institute for Supply Management is set to release the results of its national manufacturing survey. Economists expect the reading to come in at 57.5 for May, down from 60.4 in April.
Also due around the same time is the Commerce Department's construction spending report. The consensus estimate calls for a 0.1 percent increase for April, a marked slowdown from the 1.4 percent increase in the previous month.
Today after the markets close, the API will release its U.S. crude oil inventories report for the week ended may 27. Analysts expect crude oil inventories to decrease by 1.50 million barrels, while gasoline stocks are seen increasing by 1.1 million barrels.
