RTTNews - Crude-oil priced paused Tuesday as traders took profits following a dramatic recent run-up. Crude oil dropped to $71.42, down 16 cents on the session. Prices reached as low as $70.16 after earlier touching as high as $71.91.
The EIA inventory report is due at 10:30 a.m. ET tomorrow. Experts are looking for crude oil stockpiles to increase 1.5 million barrels and gasoline inventories to fall 2 million barrels in the week ended July 31.
Data released last week showed U.S. commercial crude oil inventories increased by 5.1 million barrels during the week ended July 24.
ADP employment data is due at 8:15 a.m. ET, kicking off a string of key jobs data this week. A decline of 340,000 jobs is expected for July, compared to a drop of 473,000 last month.
In economic news, a Commerce Department report showed that personal spending rose 0.4% in June following a revised 0.1% increase in May. Economists had been expecting spending to increase by 0.3% compared to the 0.3% increase originally reported for the previous month.
At the same time, the Commerce Department said that personal income fell by 1.3% in June after increasing by a revised 1.3% in the previous month. The decrease compares to economist estimates of a 1% decline.
Later, the National Association of Realtors said its pending home sales index jumped 3.6% to 94.6 in June from an upwardly revised reading of 91.3 in May. Economists had been expecting an increase of about 0.7%.
On Monday, crude rallied to $71.58, up $2.13 on the session. Prices reached as high as $72.10 earlier in the day.
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