Sector Update: Energy Oil Trades Sideways as Investors Await Economic Data, Inventories
Oil prices were range bound Tuesday morning as traders look to the latest economic data before placing further bets on the commodity.
On Monday, WTI oil futures ended the regular session at $102.47 a barrel, the commodity's lowest close in two-weeks.
Later Tuesday, oil traders will get their first reading on last week's inventories when the American Petroleum Institute releases its weekly inventories report. The more closely followed Energy Information Administration inventories report is on tap for Wednesday morning.
Meanwhile, traders have a slew of economic data to digest this week in order to make bets on the health of the economy, and therefore oil demand. Economic data that will be in the spotlight includes a reading on U.S. motor sales, the latest jobless claims and the Fed's latest Beige Book.
Europe will also be in the spotlight this week. Investors widely anticipate that on Thursday, the ECB will slash rates.
At last glance, U.S. oil futures were up 0.12% at $102.59 a barrel.
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