(RTTNews) - The price of crude oil was ticking lower Wednesday morning as Hurricane Isaac misses oil installations, hitting Louisiana. Also, traders await cues from the official inventories data, due out later during the session.
Light Sweet Crude Oil (WTI) futures for October delivery, shed $0.71 to $95.62 a barrel.
Tuesday after the market hours, the API said U.S. crude oil inventories jumped 5.5 million barrels and gasoline stocks shed 2.4 million barrels int eh weekended August 24.
This morning, the U.S. dollar was lingering near a two-month low versus the euro and the Swiss franc, while ticking higher against sterling and the yen.
Traders will look to the Commerce Department's preliminary estimate of second quarter GDP, due out at 8:30 am ET. Economists expect GDP growth to be upwardly revised to 1.6 percent from the 1.5 percent growth estimated initially.
Later during the session, the National Association of Realtors will come out with its data on Pending Home Sales, which is a leading indicator of housing market activity. The index is expected to have remained unchanged in Jul following 1.4 percent drop in the previous month.
Today during trading hours, the EIA will release its U.S. crude oil inventories report for the weekended August 24. Analysts expect crude oil inventories to decline 2 million barrels and gasoline stocks to shed 2 million barrels last week.
