WASHINGTON (dpa-AFX) - Crude oil prices are higher Wednesday morning, bouncing back after yesterday's severe setback. Traders are looking ahead to the official weekly crude inventory data and a report on U.S. private sector employment.
The U.S. Energy Information Administration will come out with its oil status report for the week ended September 26th at 10:30 am ET.
According to a report from the American Petroleum Institute released Tuesday, U.S. crude stockpiles unexpectedly declined by 464,000 barrels last week.
The ADP will release its private sector payrolls data at 8:15 am ET.
Meanwhile, traders are closely watching the situation in Syria. According to reports, nearly 20 people, most of them children, have been killed as explosions rocked the central city of Homs.
Crude oil futures for November are up $0.51 or 0.55 percent at $91.67 a barrel, after falling as much as 3.6 percent in the previous session.
On Tuesday, crude oil futures ended down $3.41 at $91.16 a barrel, its lowest close since November 2012.
Some soft economic data out of the U.S., including a report showing an unexpected drop in consumer confidence in September, data showing a slower pace of growth in Chicago-area manufacturing activity and worries about an economic slowdown in China dragged down oil prices.
Meanwhile, natural gas for November is up $0.032 or 0.76 percent at $4.153 per million btu.
Besides private sector payrolls data and weekly oil status report, traders are also looking ahead to the final results of Markit's manufacturing survey for the U.S., due at 9:45 am ET.
The results of the Institute of Supply Management's national manufacturing survey will be out at 10 am ET. Around the same time, the U.S. Commerce Department will release its construction spending report for August.
Copyright RTT News/dpa-AFX