(RTTNews) - The price of crude oil was little changed Wednesday morning as traders were cautiously optimistic on the outcome of the EU summit later this week.
Light Sweet Crude Oil (WTI) futures for January delivery, edged down $0.05 to $101.23 a barrel. Yesterday, oil ended flat amid mixed triggers. While S&P warned of a possible downgrade of euro zone nations, including Germany and France, a report in the Financial Times suggested that European officials will double the financial firepower of the region's sovereign debt rescue fund.
Tuesday after the market hours, the API said U.S. crude oil stocks declined 5.04 million barrels and gasoline stocks moved up 5.97 million barrels in the weekended December 02. Analysts were expecting crude oil inventories to gain 1 million barrels last week.
This morning, the U.S. dollar was struggling for direction versus a basket of currencies. The buck continued to linger around its two-week low versus the euro and sterling, while ticking higher versus the Swiss franc and flat against the yen.
In economic news from the euro zone, U.K.'s industrial and manufacturing production declined more than expected in October, the Office for National Statistics said. Month-on-month, industrial production and manufacturing output dropped 0.7 percent each in October. Economists were expecting both industrial and manufacturing output to fall 0.3 percent.
Meanwhile, data from the Federal Ministry of Economy and Technology showed that German industrial production recovered in October. Industrial production grew 0.8 percent month-on-month after falling 2.8 percent in September. The monthly growth exceeded the 0.3 percent rise forecast by economists.
Today during trading hours, the EIA will come out with its report on U.S. crude oil inventories for the week ended December 02. Analysts expect crude oil inventories to dip by 1.25 million barrels, while gasoline stocks are seen adding 875,000 barrels last week.
