http://www.msnbc.msn.com/id/12400801/
Traders awaited Wednesdayâs release of crude inventory data by the Energy Information Administration.
Analysts are looking for
- oil stocks to rise by 2.2 million barrels, and
- gasoline stocks to fall by 600,000 barrels
according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
Markets watch inventory levels closely for signs of rising or falling demand. Oil prices rose for two consecutive days last week when the build up in crude inventories was less than expected.
But prices began to fall on Friday and then plunged Monday. Crude is still trading about $4 below Mondayâs open.
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Traders are also awaiting government reports later this week on employment levels, which have in recent months sent oil prices plunging further.
The nation has lost 3.6 million jobs since the recession started, including 598,000 jobs in January alone, the most since 1974. The jobless rate surged to 7.6 percent in January, and economists and government officials all agreed the toll is certain to go higher.