September crude oil prices grinded higher during the initial morning hours, supported by a positive outside market tone and stabilizing Chinese economic data. A round of manufacturing data in China seemed to hint that their factory sector could be bottoming after recent declines, and that coupled with words of support from Chinese President Hu regarding more stimulus bolstered the demand outlook in that region. September crude oil prices took a sharp jump higher after private industry data Tuesday afternoon showed a much larger than expected crude oil inventory draw. Expectations for this morning's EIA report are for a draw in of around 1.0 million barrels, which compares to the five year average build for this week of the year of 1.4 million barrels. In addition to an active US economic calendar this morning the crude oil market also must contend with this afternoon's FOMC meeting decision.
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