(RTTNews) - The price of crude oil eased from its 3-month high Wednesday morning as traders turned cautious ahead ahead of the ADP's employment report, widely considered a key prelude to Friday's official non-farm payrolls data.
Light Sweet Crude Oil (WTI) futures for September delivery were down $0.20 to $82.35 a barrel.
Yesterday, oil moved up for a fourth session to add $1.21 amid a weak U.S. dollar. Tuesday after the markets closed, industry group, the American Petroleum Institute said U.S. crude inventories fell by 776,000 barrels in the week ended July 30, belying analysts' expectations for a draw of 1.2 million barrels.
Meanwhile, the U.S. dollar continued to linger near its 3-month low versus the euro and around its 6-month low against the British pound. The buck edged toward a 1995 low versus the yen overnight.
Today, traders will look to the official weekly crude oil inventories data from the EIA, scheduled for release during trading hours. Also, the ADP data on employment change and ISM non-manufacturing index from the U.S., due out later today, will be in focus to get further clues on the strength in the recovery of the economy.
by RTT Staff Writer
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