RTTN: Crude Little Changed Above $76, Inventories On Tap
(RTTNews) - The price of crude was little changed Wednesday morning as traders await the official weekly inventories data from the EIA.
Light Sweet Crude Oil (WTI) futures for November delivery, were up $0.07 to $76.25 a barrel. Yesterday, oil settled flat amid recovery in the U.S. equities.
Tuesday after the markets close, the API said U.S. crude oil inventories fell 2.4 million barrels, while gasoline inventories jumped 3 million barrels last week.
Meanwhile, the U.S. dollar slipped to a fresh 5-month low versus the euro. The buck continued to surrender some of its recent gains versus the yen, moving back near its multi-year low.
The British pound turned weak after the Bank of England said mortgage approvals fell to 47,372 in August, down from 48,346 in July, broadly in line with analyst's expectations. Meanwhile, net consumer credit fell by GBP 120 million, the biggest drop since November 2009, contrasting consensus forecasts for a GBP 100 million increase.
Traders will look to the official data on weekly crude oil inventories from the EIA, due out during trading hours today. Analysts were expecting crude oil inventories to jump by 2.2 million barrels and gasoline stockpiles to rise by 800,000 barrels last week.
