RTTN: Crude Oil Prices Little Changed Ahead Of EIA Report
(RTTNews) - Crude oil prices are little changed on Wednesday as traders await the release of the Energy Information Administration's weekly inventory report.
Light sweet crude for February delivery moved at $81.75, down 2 cents on the session. Prices have moved between $81.92 and $81.43 throughout the morning.
The EIA report is due at 10:30 a.m. ET. Experts are looking for crude stockpiles to increase by 200,000 barrels, while gasoline supplies are projected to jump 500,000 barrels. Distillates are forecast to come on down 2 million barrels.
Late Tuesday, the American Petroleum Institute reported crude oil inventories declined 2.3 million barrels in the week ended Jan. 1. Gasoline supplies rose 5.6 million barrels, according to the API.
The EIA report is more closely watched because participation is required from refineries. The reports move in the same direction about 75 percent of the time.
In economic news, payroll processor ADP released data on private employment on Wednesday showing decline of 84,000 jobs for December.
