RTTN: Crude Edges Up Cautiously Ahead Of Inventories Data
(RTTNews) - The price of crude oil was steady near its two-week high Wednesday morning ahead of inventories data, scheduled to be released later today. The recent surge in stock markets across the globe was also aiding positive sentiment.
Light Sweet Crude Oil (WTI) futures for March 2010 were at $77.40, up $0.17 a barrel.
Meanwhile, the greenback was trading mixed against a basket of currencies ahead of jobs data. The U.S. dollar continued to ease away from a 6-month peak near 1.3850 against the euro.
Tuesday, the American Petroleum Institute said U.S. crude oil inventories moved up by 4.7 million barrels last week.
Some of today's trading action may be guided by the U.S. Energy Department's weekly crude oil inventories report, due later today. Analysts were expecting 1.15 million reduction in inventories.
Also ADP's job data is likely to throw some light on the strength of the recovery of the economy.
