RTTN: Oil Slinks Back Below $37 As API Reports Inventory Build
Crude oil prices were lower Wednesday morning, having whipsawed bak and forth since hitting a 6-year low before Christmas.
WTI light sweet crude fell 1 dollar to $36.90 a barrel, unable to sustain yesterday's rally.
The American Petroleum Institute, an industry group, reported Tuesday that U.S. crude-oil inventories rose by 2.9 million barrels in the latest week.
Most analysts expected a second consecutive drawdown in stockpiles.
The Energy Information Administration will release its weekly petroleum status report for the week ended 25th at 10:30 am ET.
The National Association of Realtors is due to release its pending home sales index for November at 10 am ET. Economists expect the index to increase 0.5 percent month-over-month.
