Crude Oil Rally Pauses Near $64

Crude oil futures were lower Tuesday morning ahead of U.S. oil inventories data.

Traders await further evidence that the global oil supply glut is dwindling.

U.S. sotckpiles have dropped for eight weeks in a row while OPEC has promised to re-balace oil markets with its supply quota regime.

WTI light sweet crude oil was down 35 cents at $64.05 a barrel, having touched its highest in four years.

The Empire State Manufacturing Survey for January will be published at 8.30 am ET. The consensus is for 18.6, slightly up from 18.0 in December.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Crude Oil Rally Pauses Near $64

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