RTTNews - Crude oil plunged toward $68 per barrel as global stocks continued to decline, increasing worries over energy demand. Traders kept an eye on tomorrow, which will bring the first of three major jobs reports and the weekly petroleum inventory data.

Light sweet crude for October delivery dropped to $68.05, down $1.91 on the session. This marks the lowest close in two weeks.

The Energy Information Administration report will be released at 10:30 a.m. ET tomorrow. Experts are looking for a drop of about 1.9 million barrels in the week ended Aug. 28. Gasoline supplies are forecast to drop 1.4 million barrels and distillates are predicted to decline 600,000.

The lesser-watched American Petroleum Institute report is due late this afternon. Refinery participation in the report is voluntary, so traders tend to pay less attention to the data.

Also on Wednesday, the ADP employment change report is expected at 8:15 a.m. ET tomorrow. Jobs are expected to fall 246,000 in August, compared to 371,000 in July. Initial jobless claims are due Thursday with the Labor Department monthly report expected on Friday.

In economic news Wednesday, the National Association of Realtors said its pending home sales index rose 3.2 percent to 97.6 in July from a reading of 94.6 in June. With the increase, which exceeded economist estimates of 1.5 percent growth, the index rose to its highest level since June of 2007.

On Tuesday, the National Association of Realtors said its pending home sales index rose 3.2 percent to 97.6 in July from a reading of 94.6 in June. With the increase, which exceeded economist estimates of 1.5 percent growth, the index rose to its highest level since June of 2007.

The Institute for Supply Management said its manufacturing index jumped to 52.9 in August from 48.9 in July, with a reading above 50 indicating an expansion in the sector. With the increase, the index rose to its highest level since June of 2007.

And a Commerce Department report showed that construction spending fell 0.2 percent in July following a downwardly revised 0.1 percent increase in June. Economists had expected spending to fall 0.2 percent compared to the 0.3 percent increase originally reported for the previous month.

Crude lost $2.78 on Monday, paring some of its gains for the month of August.

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