(RTTNews) - The price of crude oil moved up near $87 Wednesday morning as risk appetite improved amid recovering equities.
Light Sweet Crude Oil (WTI) futures for October delivery, were up $0.70 to $86.72 a barrel. Yesterday, oil ended flat as the dollar strengthened on a better-than-expected reading on the nation's service sector. Also, around 60 percent of oil production remained shut in the US Gulf of Mexico due to tropical storm Lee.
This morning the U.S. dollar continued to pare its recent gains versus the euro and sterling. The buck was trading flat against the Swiss franc, while ticking lower versus the yen. Yesterday, the buck rose nearly 8 percent against the Swiss franc after the Swiss central bank pegged it's currency against the euro in a move help exports.
Today after the market hours, the API will release its report on U.S. crude oil inventories for the week ended September 02. Analysts expect crude oil inventories to dip by 1.90 million barrels and gasoline stock to shed by 2 million barrels last week.
