RTTN:Crude Slips Below $99 Ahead Of EIA Inventories Data
(RTTNews) - The price of crude oil slipped below $99 Wednesday morning amid concerns over the U.S. debt ceiling as U.S. law makers seem no closer to reaching an agreement.
Light Sweet Crude Oil (WTI) futures for September delivery were down $0.68 to $98.91 a barrel. Yesterday, oil edged up supported by a weaker dollar amid concerns about whether Congress will raise the nation's debt ceiling.
Tuesday after the market hours the API said U.S. crude oil inventories rose 3.96 million barrels and gasoline stocks declined 639,000 barrels in the week ended July 22. Analysts were expecting crude inventories to dip by 1.60 million barrels, while gasoline stocks are seen gaining 600,000 barrels last week
This morning, the U.S. dollar was paring recent losses versus the euro and recovering from a 2-month low against sterling. The buck was struggling around its record low against the Swiss franc and trading weak versus the yen.
Traders will look to the Commerce Department's report on durable goods order for June. Economists expect the orders to edge down in June, after adding 2.1 percent in May.
Today during trading hours the EIA will come out with its report on U.S. crude oil inventories for the week ended July 22. Analysts expect crude oil inventories to drop by 2.0 million barrels last week.
