Crude oil prices rallied Wednesday, touching their highest in more than a year ahead of U.S. inventories data.
WTI light sweet crude oil for February was up 16 cents at $54.06/bbl.
Later today, the American Petroleum Institute will release its weekly crude oil inventory report. Analysts expect oil stockpiles to have dropped 1.5 million barrels from December 16-23, 2016.
The Energy Information Administration is out with the government’s figures tomorrow morning. The API and EIA data have conflicted in recent weeks, so today’s API report may be taken with a grain of salt.
A report from the National Association of Realtors unexpectedly showed a sharp pullback in U.S. pending home sales in the month of November.
NAR said its pending home sales index tumbled by 2.5 percent to 107.3 in November after inching up by 0.1 percent to a revised 110.0 in October.
A recent spate of disappointing economic data may signal a winter slowdown that would prevent the Federal Reserve from raising interest rates.
The material has been provided by InstaForex Company – www.instaforex.com