RTTN:Crude Slips Ahead Of Official Inventories Data
The price of crude oil was moving lower as traders await cues from the official inventories data from the EIA, due out later during the trading session.
Light Sweet Crude Oil (WTI) futures for December delivery, lost $0.96 to $87.75 a barrel. Yesterday, oil gained over 3 percent to settle at a 2-week high on global cues with the dollar trading lower even as equity markets in Europe and U.S. trended higher. Prices were helped by supply concerns with refineries along the East Cost struggles to get back into full operation.
Tuesday after the market hours, the API said U.S. crude oil inventories eased 27,000 barrels, while gasoline stocks rose 1.40 million barrels in the weekended November 02.
This morning, the U.S. dollar was hovering around a two-month high versus the euro and near a two-week high against sterling. The buck was trading around its 4-month high versus the yen, while leveling off from a two-month high against .the Swiss franc.
In economic news, retail sales in the euro area decreased at a slightly faster rate than economists expected in September, after recording a modest increase in the previous month, data released by statistical office Eurostat showed. Retail sales volume decreased 0.2 percent month-on-month in September, reversing the previous month's 0.2 percent rise. Economists had forecast a more modest decrease by 0.1 percent for September.
Meanwhile, Germany's industrial production declined 1.8 percent in September from a month ago, the Federal Ministry of Economics and Technology said. It follows a slower 0.4 percent drop in August and exceeded a 0.7 percent decline forecast by economists. Industrial production adjusted for working days, slipped unexpectedly by 1.2 percent annually after falling 1.3 percent in August. Economists had forecast output to grow 0.1 percent.
Traders will look to the U.S. crude oil inventories report from the EIA, due out during trading hours today. Analysts expect crude oil inventories to gain 1.8 million barrels last week.
