RTTNews - Crude oil moved higher amid choppy trading on Tuesday morning, recovering some of yesterday's sharp decline. Recovering global equities helped improve the prospects for energy demand.
Light sweet crude for September delivery rose to $69.19, up $2.44 on the session. Prices hit as high as $69.58 after earlier hitting as low as $66.11.
Traders looked forward to Energy Information Administration inventory data tomorrow. Analysts expected to see a rise of about 1.1 million barrels for the week ended Aug. 14. Gasoline stockpiles are expected to fall 1.7 million barrels.
Last week's data showed crude oil inventories increased by 2.5 million barrels from the previous week. Experts were looking for a build in crude supplies of 1.2 million barrels.
The dollar slipped slightly against the euro and also fell against the pound after surging in the prior session amid economic worries that boosted the value of lower-yielding currencies. Gold usually moves opposite the dollar.
The U.S. Labor Department revealed that producer prices dropped 0.9 percent in July. This followed an advance of 1.8 percent in the previous month. Economists had expected the measure to slip 0.3 percent for the month. Core prices ticked down 0.1 percent in July. Economists were looking for core prices to edge up by 0.1 percent.
A Commerce Department report showed that housing starts fell 1.0 percent to an annual rate of 581,000 in July from the revised June estimate of 587,000. Economists had expected starts to rise to 598,000 from the 582,000 originally reported in the previous month.
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