OIL FUTURES : Crude Bounces Back From Tuesday Sell-off
07/11/2012| 04:11am US/Eastern
By Sarah Kent
LONDON--Crude-oil futures were higher Wednesday, bouncing back from a sell-off late Tuesday and bolstered by American Petroleum Institute data showing U.S. oil inventories fell last week, as well as gains in the euro.
Later in the day investor focus will turn to the publication of the Federal Open Market Committee's minutes, for clues on the prospect of a third round of quantitative easing in the U.S., and the Department of Energy's inventory data for confirmation of the API's figures.
At 0751 GMT, the front-month August Brent contract on London's ICE futures exchange was $0.94, or 1%, higher at $98.91 per barrel.
The front-month August contract on the New York Mercantile Exchange was trading up 94 cents, or 1.1%, at $84.86 per barrel.
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