Crude oil prices are slightly lower Wednesday morning, ahead of official crude inventory data and a slew of crucial economic reports.
The U.S. Energy Information Administration will release its petroleum status report for the week ended November 21st at 10 am ET.
Data released by the American Petroleum Institute Tuesday afternoon showed U.S. crude inventories to have risen by 2.8 million barrels last week.
Besides the weekly crude oil report, the focus is on Thursday’s OPEC meeting at Vienna.
Some unconfirmed reports indicate the OPEC meet may see the member countries arrive at a consensus compromise formula to cut production.
Right now, OPEC members are divided on whether to cut supplies in order to lift crude oil prices at the forthcoming meeting. The Saudis have already stated that would rather have lower prices than agreeing for a production cut.
Crude oil futures for January delivery are down $0.16 or 0.21 percent at $73.93 a barrel, after declining to $73.66 earlier, close to a more than 4-year low of $73.22 touched earlier this month.
On Tuesday, crude oil futures ended down $1.69 or 2.2 percent at $74.09 a barrel.
An upbeat second quarter U.S. GDP report failed to support oil prices, as weak consumer confidence data weighed on sentiment.
Meanwhile, natural gas for January is down $0.022 or 0.50 percent at $4.381 per million btu.
The U.S. Commerce Department will release its durable goods orders data for October at 8:30 am ET. The Commerce Department will also release the personal income and spending report for October around the same time.
Also at 8:30 am ET, the Labor Department is scheduled to release its jobless claims report for the week ended November 22nd.
At 9:45 am ET, MNI Indicators is scheduled to release the results of its manufacturing survey for the Chicago region.
A little later, at 9:55 am ET, Reuters and the University of Michigan will come out with the final results of their consumer sentiment survey for November.
At 10 am ET, the Commerce Department is scheduled to release its new home sales report. Around the same time, the National Association of Realtors will release its pending home sales report for October at 10 am ET.
The material has been provided by InstaForex Company – www.instaforex.com