CRUDE OIL HITS HIGHEST IN 17 MONTHS

Oil-Field

WASHINGTON (Alliance News) – Crude oil futures jumped to their highest in 17 months Wednesday morning, ahead of US inventories data.

This afternoon, American Petroleum Institute will release its weekly crude oil inventory report. Analysts expect oil stockpiles to have dropped 1.5 million barrels from December 16-23, 2016.

The Energy Department is out with its figures tomorrow morning. The API and EIA data have conflicted in recent weeks.

Crude oil was up 8 cents at USD53.96 a barrel, having jumped near USD54.25 overnight.

This morning, the National Association of Realtors is scheduled to release a report on pending home sales in the month of November. Pending home sales are expected to climb by 0.5%.

Copyright RTT News/dpa-AFX

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