(RTTNews) - The price of crude oil was little changed Wednesday morning as traders await cues from today's economic data, including private sector employment report and U.S. crude oil inventories.
Light Sweet Crude Oil (WTI) futures for December delivery, edged up $0.24 to $92.43 a barrel. Yesterday, oil finished lower but well off its intraday low of $89.17 amid a steady U.S. dollar.
Tuesday after the market hours, the API said U.S. crude oil inventories dipped by 156,000 barrels and gasoline stocks shed 1.13 million barrels in the week ended October 28. Analysts were expecting crude oil stocks to rise by 1.10 million last week.
This morning, the U.S. dollar was paring its recent gains versus the euro and sterling, while trading lower versus the Swiss franc and the yen.
In economic news from euro zone, German unemployment increased in October, the Federal Labor Agency said. The number of unemployed rose by 10,000 in October, following a revised 22,000 fall in September. Economists were expecting a decline of 10,000 for October.
Trader will look to the private sector employment data from the ADP, due out at 8.15 a.m. ET. Economists expect the private sector to have added 100,000 jobs in October following an addition of 91,000 jobs in September.
The Federal Open Market Committee is set to release its post-meeting policy statement at 12:15 p.m. ET following the conclusion of a 2-day meeting. Bernanke will host a press briefing at 2:30 a.m. ET.
Today during trading hours, the EIA will come out with its U.S. crude oil inventories report for the week ended October 28. Analysts expect crude oil stocks pile up by 900,000 barres, while gasoline stocks are seen dipping 600,000 barrels last week.
