RTTN: Crude Hovers Near Two-week High Ahead Of Inventories Data
(RTTNews) - The price of crude oil moved up for a second session to hit a two-week high Wednesday morning on optimism that a growing U.S. economy will help improve crude demand. Traders also took positive clues from the recent upsurges in the stock markets.
Light Sweet Crude Oil (WTI) futures for March 2010 were up $0.59 to $77.60, continuing its nearly $3 gain in the previous session.
In news which could put pressure on oil, the greenback was edging up against the euro, the British pound and the yen.
Some of today's trading action may be guided by weekly crude oil inventories data from the American Petroleum Institute, scheduled for release later today.
