Traders looked ahead to Wednesday’s Energy Information weekly inventories report. Experts looking around to see a build of 1 million barrels in the week ended Dec. 19. Last week, data showed U.S. commercial crude oil inventories increased 500,000 barrels from the previous week. At 321.3 million barrels, U.S. crude oil inventories are near the limit of the average range for this time year.
Oil plunged below $ 40 on Monday amid concern demand continuously, losing $ 2.45 on the session. Monday is the first day of February as the front-month contact.
Traders shook off comments from Saudi Oil Minister Ali al-Naimi, who said that during the weekend that the cartel remains committed to the First fall in the price of crude oil. Last week, OPEC said it will cut the production target by 2.2 million barrels per day, came in-line with analyst expectations.
Gasoline prices inched lower on Tuesday, according to AAA. A regular gallon of oil slipped to $ 1,659, compared with $ 2,974 a year ago at this time. Gas prices hit a record $ 4.114 in July.
The economic front, a Commerce Department report showed that the GDP declined at an average of 0.5 percent in the third quarter, unrevised from the estimate given in November. Economists had expected the rate of contraction that will be unrevised.
Traders forward to see that there is a button on the home sales report later this morning. Meanwhile, economists expect the number to edge down to an average of 4.93 million in November from 4.98 million rate in October, new home sales are expected to fall to an average of 420,000 in November from the level of 433,000 in the previous month.
(worldminingexplorationnews.com)
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