News Column

Crude Oil Holds USD97 Ahead Of US Inventories

August 13, 2014

WASHINGTON (Alliance News) - Crude oil prices are little changed Wednesday morning, as traders await official US crude inventory data.

The US Energy Information Administration will release its weekly oil inventory report at 10:30 am ET.

According to a report released by the American Petroleum Institute late Tuesday, crude oil stockpiles were up by 2 million barrels in the week ended August 8.

Meanwhile, Libya has reportedly loaded oil cargo from its Ras Lanuf port for the first time in almost a year.

Traders are also continuing to monitor the developments in Ukraine amid reports a convoy of 280 Russian trucks have left for eastern Ukraine, carrying humanitarian aid.

Ukraine has stated that the convoy will not be allowed in to Ukraine unless Russia adhered to protocol and send the aid under the leadership of the Red Cross.

Crude oil futures for September are down USD0.14 or 0.14% at USD97.23 a barrel.

On Tuesday, crude oil futures ended down USD0.71 or 0.7% at USD97.37 a barrel, dragged down by demand concerns after the International Energy Agency lowered its preliminary oil demand outlook for this year and 2015.

Meanwhile, natural gas is down USD0.030 or 0.75% at USD3.944 per million btu.

Besides the weekly report on oil inventories, traders will be also looking ahead to the data on US retail sales and business inventories.

The Commerce Department will release the retail sales data at 8:30 am ET. Economists expect retail sales growth of 0.2% month-over-month, while excluding autos retail sales is estimated to have risen 0.4%.

The data on business inventories will be released by the US Commerce Department at 10 am ET.

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Source: Alliance News

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