RTTN: Crude Oil Steadies Near $97 Ahead Of Inventories
Crude oil prices are higher Tuesday morning, bouncing back after yesterday's sharp decline.
However, with recent reports suggesting a likely fall in global oil demand, oil's upside is somewhat limited.
Traders are looking ahead to the official crude inventory data from the U.S. Energy Information Administration, due on Wednesday. Before that, the American Petroleum Institute will come out with its weekly oil report later today.
The developments in Ukraine and Iraq are also being closely monitored.
Crude oil futures for September are up $0.39 or 0.40 percent at $96.80 a barrel.
On Monday, crude oil futures ended down $0.94 or 1.0 percent at $96.41 a barrel, after declining to a low of $95.81.
Last week's dismal economic data from the eurozone, an unexpected increase in U.S. crude oil stockpiles and the resumption of supplies from Libya also contributed to oil's decline.
Meanwhile, natural gas for September is up $0.065 or 1.70 percent at $3.857 per million btu.
On the economic front, the U.S. Labor Department will release its consumer price inflation report at 8:30 am ET. Economists expect the consumer price index to edge up by 0.1 percent month-over-month in July, while core consumer price index may have risen 0.2 percent.
Around the same time, the Commerce Department is due to release its housing starts report for July. The consensus estimates call for housing starts to come in at a seasonally adjusted annual rate of 963,000 in the month.
