RTTN:Crude Extends Losses Ahead Of Inventories Report
(RTTNews) - The price of crude oil was extending losses Wednesday morning as traders await cues from the official inventories data, due out later today.
Light Sweet Crude Oil (WTI) futures for June delivery lost $0.80 to $96.21 a barrel. Yesterday, oil extended looses for a fifth session to end at a 3-month low on concerns over demand growth across Europe in light of the euro zone financial crisis and the changed political scenario.
Tuesday after the market hours, the API said U.S crude oil inventories rose 7.8 million barrels, while gasoline stocks dipped 5 million barrels in the weekended May 04.
This morning, the U.S. dollar was hovering near its 3-month high versus the euro and near a 3-week high against sterling, while trading lower versus the yen The buck was flat against the Swiss franc.
In economic news from the euro zone, Germany's exports rose by seasonally adjusted 0.9 percent in March from the prior month, data from Destatis showed. Economists were forecasting a 0.5 percent drop for March after expanding 1.5 percent in February. At the same time, imports climbed 1.2 percent month-on-month, faster than the 1 percent rise forecast by economists. However, the rate of growth slowed from the 3.6 percent increase seen in February.
Today during trading hours, the EIA will come out with its report on U.S. crude oil inventories for the weekended May 04. Analysts expect crude oil inventories to gain 2 million barrels last week.
