The price of crude oil was ticking higher Wednesday morning as traders await cues from the official inventories data, due out later during the session.
Earlier today the IEA maintained global oil demand projection at 90.6 million barrels per day (mbd) for 2013, despite projecting higher through-puts in the third quarter 2013.
Light Sweet Crude Oil (WTI) futures for July delivery, edged up $0.07 to $95.45 a barrel. Yesterday, oil settled lower for a second straight session amid speculation the U.S. Federal Reserve might scale back its aggressive monetary policies, after the Bank of Japan earlier today opted not to extend its stimulus program. Prices were also impacted with the Organization of the Petroleum Exporting Countries maintaining its global oil demand for the year intact and news reports of higher estimates of crude reserves in U.S. shale deposits.
Tuesday after the market hours, the API said crude oil inventories jumped 9 million barrels in the weekended June
This morning the U.S. dollar was leveling off from its four-month low versus the euro, while slipping back toward a fresh four-month low against sterling. The buck was lingering around its two-month low against the Swiss franc and the yen.
In economic news, euro zone industrial production grew 0.4 percent in April from a month ago, largely due to higher output of capital goods and non-durable consumer goods, data from Eurostat revealed. Industrial output was forecast to remain flat after rising 0.9 percent in March.
Germany's EU harmonized inflation accelerated in May, but to a lesser extent than initially estimated, final data released by the Federal Statistical Office showed. Inflation as per the harmonized index of consumer prices (HICP) rose to 1.6 percent in May from 1.1 percent in April. The flash estimates were for an inflation rate of 1.7 percent.
The number of people claiming unemployment benefits in the U.K. decreased by 8,600 in May from April, the Office for National Statistics reported. The decline was sharper than the expected drop of 5,000.
Today during trading hours, the EIA will release its US crude oil inventories report for the weekended June 07.
