RTTN:Crude Rebounds From Yearly Low Ahead Of ADP Data
(RTTNews) - The price of crude oil was rebounding from its one-year low Wednesday morning as traders await cues from ADP private sector employment data.
Light Sweet Crude Oil (WTI) futures for November delivery, gained $2.33 to $78.00 a barrel. Yesterday, oil settled at a yearly low after Federal Reserve Chairman Ben Bernanke offered a bleak assessment of the nation's economy.
Tuesday after the trading hours, the API said U.S. crude oil inventories fell by 3.10 million barrels and gasoline stocks dropped by 5 million barrels in the week ended September 30.
This morning, the U.S. dollar was trading flat versus the euro and sterling, while ticking lower versus the Swiss franc and the yen.
In economic news, euro zone composite output index fell slightly more than initially expected in September, final data from Markit Economics showed. The composite output index fell to 49.1, signaling first contraction in private sector activity since July 2009, from 50.7 in August.
A report from Eurostat revealed retail sales in the euro zone declined in August on weak non-food product sales. Retail sales were down 0.3 percent month-on-month in August, reversing a 0.2 percent rise in July. The August figure came in line with economists' expectations.
Traders will look to the private sector employment report from the ADP , due out at 8.15 a.m. ET. Economists expect an addition of 90,000 jobs by the sector in September.
Today during trading hours, the EIA will release its U.S. crude oil inventories report for the week ended September 30. Analysts expect crude oil inventories pile up by 2.50 million barrels and gasoline stocks to add 1.30 million barrels last week.
