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U.S. crude price drops ahead of inventories data release

English.news.cn   2014-07-30 05:21:15

NEW YORK, July 29 (Xinhua) -- U.S. crude price fell Tuesday as the market was awaiting inventories data to be released Wednesday.

Energy Information Administration is scheduled to report the U. S. crude supplies data for the week ending July 25. Traders expect crude inventories to be down by 1 million barrels.

Analysts viewed the drop as a result of the peak summer driving season, although they believe that U.S. oil market is well- supplied.

Brent crude price gained as U.S. and European Union (EU) expanded sanctions against Russia.

The U.S. and European Union agreed Tuesday to impose a new round of economic sanctions against Russia over the conflict in Ukraine. Escalating tensions in Ukraine ignited concerns about the global energy supplies.

Investors are also keeping a watchful eye on the Federal Reserve's two-day policy meeting starting Tuesday. The U.S. central bank is widely expected to announce another 10-billion- dollar reduction of its asset purchases at the conclusion of the meeting.

Light, sweet crude for September delivery moved down 70 cents to settle at 100.97 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery gained 15 cents to close at 107.72 dollars a barrel.

Editor: An
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