RTTN:Crude Steady Above $101 Ahead Of U.S. Inventories
Crude oil prices are slightly lower in early trades Tuesday as investors look ahead to the oil inventories report from American Petroleum Institute.
On Wednesday, the government's official report on crude stockpiles will be out.
Meanwhile, concerns about Chinese economy remain with the data from Markit Economics showing China's final HSBC Purchasing Managers Index slipping to 48.0 in March, an 18-month low. In February the index stood at 48.5.
Crude futures for May delivery are down $0.32 or 0.31 percent at $101.27 a barrel.
Meanwhile, natural gas is down $0.004 or 0.1 percent at $4.367 per million btu.
Investors will be looking ahead to a raft of U.S. economic data, including Markit's reading on manufacturing activity. Economists expect the manufacturing purchasing managers' index to be downwardly revised to 56.8 from the mid-month reading of 57.1.
At 10 am ET, the Institute for Supply Management is due to release its manufacturing purchasing managers' index for March. The index is expected to increase to 54 in March from 53.2 in February.
The Commerce Department is scheduled to release its construction spending report for February at 10 am ET. The consensus estimate calls for a 0.1 percent month-over-month increase in spending.
