Crude oil prices were lower early Wednesday with traders awaiting not just the release of inventory data by the EIA but also news on interest rates.
Nov. 28 (UPI) — Crude oil prices were lower early Wednesday after being near flat in the previous session, with traders’ attention focused not just on the release of inventory data by the EIA, but also news on interest rates.
West Texas Intermediate, or WTI, front-month crude oil prices were 1.2 percent lower at $50.92 just before 10:00 a.m. EST while Brent front-month futures traded at $59.68, or 1.2 percent lower at the same time.
«This market is still a bear and continues to show signs clawing it’s way lower, yet still,» John Thorpe, a commodity broker at Los Angeles-based Cannon Trading, told UPI.
«Jerome Powell speaks at 12 noon EST at the Economic Club of New York. His outlook for rates will necessarily have a domino effect on crude prices,» he added.
