News Column

Crude Oil Edges Up From 6-Month Lows Ahead Of Inventories

August 6, 2014

WASHINGTON (Alliance News) - Crude oil prices are higher Wednesday morning, ahead of official US inventory data.

Traders continue to watch the situation in Ukraine where Russia has reportedly positioned its forces along the border, indicating a possible invasion.

The US Energy Information Administration will release its oil inventory data for the week ended August 1, at 10:30 am ET.

On Tuesday, the American Petroleum Institute released a report that showed US crude inventories to have declined by much more than expected 5.5 million barrels last week.

Crude oil futures for September delivery are up USD0.36 or 0.37% at USD97.75 a barrel, coming off a six-month low of USD97.00 a barrel it touched yesterday.

On Tuesday, crude oil futures ended down USD0.91 or 0.9% at USD97.38 a barrel.

Natural gas for September is down USD0.006 or 0.17% at USD3.891 per million btu.

On the economic front, the US Commerce Department is scheduled to release its trade balance report for June at 8:30 am ET. Economists expect the trade deficit to widen to USD45 billion from USD44.4 billion in May.

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Source: Alliance News

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