RTTN:Crude Slips Near $93; Official Inventories Data In Focus
(RTTNews) - The price of crude oil was extending losses for a fourth session Wednesday morning amid demand concerns.
Light Sweet Crude Oil (WTI) futures for September delivery were down $0.61 to $93.18 a barrel. Yesterday, oil ended at a five-week low below $94 after a batch of lackluster economic reports signaled a faltering U.S. economy.
Tuesday after the market hours, data from the API revealed U.S. crude oil inventories unexpectedly declined 3.31 million barrels, while gasoline stocks rose 2.55 million barrels in the week ended July 29. Analysts were expecting crude oil inventories pile up by 1.20 million barrels last week.
This morning, the U.S. dollar was paring its recent gains versus the euro and sterling. The buck was ticking lower against the yen, while leveling off from its record low against the Swiss franc.
Traders will look to the private sector payroll report from the ADP, due out at 8.15 a.m. ET. Economists estimates 86,000 jobs creations last month.
Later during the session, the Institute for Supply Management will come out with its ISM non-manufacturing index. The non-manufacturing index is expected to edge down to 53 in July from 53.3 in June.
Simultaneously, the Commerce Department is due to release its report on factory goods orders for June. Economists estimate a 1 percent drop in orders for factory goods.
Today during trading hours, the EIA will release its report on U.S. crude oil inventories for the week ended July 29. Analysts expect crude oil inventories to gain by 1.50 million barrels and gasoline stocks to rise by 250,000 barrels last week.
