Futures added 0.3 percent in New York after dropping 0.8 percent the previous two sessions. U.S. inventories slid by 7.8 million barrels last week, the American Petroleum Institute was said to report Tuesday, while a Bloomberg survey also forecast a decline. The Energy Information Administration marginally boosted its estimates for American production in 2017 and 2018. “The recovery this morning is most likely in anticipation of a sixth inventory decline in crude oil this afternoon” when the EIA releases its weekly stockpiles report, said Ole Sloth Hansen, head of commodity strategy at Saxo Bank A/S in Copenhagen. Gains will be capped by a stronger dollar, he said. Click Read More below for additional detail.
American Dollar to Canadian Dollar = 0.756222; American Dollar to Chinese Yuan = 0.143079; American Dollar to Euro = 1.103312; American Dollar to Japanese Yen = 0.009147; American Dollar to Mexican Peso = 0.052187.