Crude Oil Gives Back Ground Following Recent Strength
(RTTNews) - After trending higher in recent sessions, the price of crude oil gave back some ground over the course of the trading day on Wednesday.
Crude oil for May delivery slid $0.29 to $53.11 a barrel after reaching a one-month high of $53.76 a barrel in morning trading.
The pullback by the price of crude oil came as traders cashed in on the recent strength despite a report from the Energy Information Administration showing an unexpected drop in crude oil inventories.
The report said crude oil inventories fell by 2.17 million barrels in the week ended April 7th compared to economist estimates for an uptick of 87,000 barrels.
On the U.S. economic front, the Labor Department released a report showing an unexpected decline in import prices in the month of March.
The Labor Department said import prices dipped by 0.2 percent in March after climbing by a revised 0.4 percent in February.
The decrease came as a surprise to economists, who had expected import prices to inch up by 0.1 percent compared to the 0.2 percent increase originally reported for the previous month.
Meanwhile, the report said export prices rose by 0.2 percent in March following a 0.3 percent increase in February. Export prices had been expected to tick up by 0.1 percent.
The economic calendar picks up in the coming days, including with the release of some key data while the markets are closed on Friday.
Reports on retail sales, producer and consumer prices, and import and export prices may attract attention later this week.