By Kate Gibson , MarketWatch
NEW YORK (MarketWatch) -- Oil prices meandered around $77 a barrel Wednesday as investors took a tentative stance ahead of U.S. economic and inventory data.
Benchmark crude for July delivery fell 69 cents to $76.25 a barrel on the Comex division of the New York Mercantile Exchange. The contract climbed $1.82 to settle at $76.94 on Tuesday, with investors heartened by a rally in the U.S. stock market.
A stronger euro, which translates into cheaper U.S.-priced commodities for holders of the European currency, has also supported crude of late.
The dollar index (DXY 86.35, +0.37, +0.43%) , which contrasts the U.S. currency against six others, was up 0.3% at 86.274. The euro (CUR_EURUSD 1.2264, -0.0057, -0.4626%) , which on Tuesday rose to a two-week high, lately stood at $1.2270.
At 8:30 a.m. Eastern, traders will get economic reports on U.S. housing starts, inflation and industrial production.
At 9:15 a.m. Eastern the Federal Reserve will report on production at U.S. factories, mines and utilities.
At 10:30 a.m. Eastern, traders will get inventory on crude stock piles.
