RTTNews - Crude oil prices dropped for the first time in six session amid uncertain trading on the first day with September as the front-month contract. Investors mulled data released by the Energy Information Administration on weekly inventories.
Light sweet crude for September delivery closed at $65.40 per barrel, down 21 cents on the session. Prices rose as high as $65.77 but later fell as low as $65.35.
U.S. commercial crude oil inventories decreased by 1.8 million barrels in the week ended July 17. Experts were looking for a drop of about 2 million barrels. Total motor gasoline inventories increased by 800,000 barrels last week. The build was in-line with analysts projections.
The American Petroleum Institute reported late Tuesday crude oil stockpiles fell 2.1 million barrels, while gasoline supplies rose 1.3 million barrels in the recent week. Refineries are not required to participate in the API survey.
On the economic front tomorrow, initial jobless claims data is expected at 8:30 a.m. ET and existing home sales data is coming at 10 a.m. ET.
Meanwhile, Federal Reserve Chairman Ben Bernanke redelivered his address regarding monetary policy before the Senate Banking Committee while also fielding questions regarding the current and near-term economic outlook.
In his prepared remarks, Bernanke reiterated that the U.S. economy is showing signs of stabilization, although he noted that the economy is still in a fragile state, with unemployment high and consumer spending shaky.
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