(RTTNews) - The price of crude oil moved down Tuesday morning, paring recent gains as traders look to the latest developments in Egypt.
Light Sweet Crude Oil (WTI) futures for March delivery were down $0.64 to $91.55 a barrel. Yesterday, oil advanced to a 27-month high amid speculation that continuing protests in Egypt could disrupt oil supply from the Middle East.
This morning, the U.S. dollar slipped to fresh 2-month low versus the euro and was lingering near its 10-week low against sterling. The buck edged back to a one-month low against the yen and was ticking lower versus the Swiss Franc.
Traders will look to the results of the manufacturing survey of the Institute for Supply Management, for January. Economists expect the index to show a reading of 57.6 for the month.
Also, the Commerce Department will release its construction spending report for December. Economists expect that construction spending increased 0.2% for the month.
Today after the market hours, the API will release its U.S. crude oil inventories report for the week ended January 21. Analyst expect crude oil inventories to add 3 million barrels and gasoline stocks to rise by 2 million barrels.
