Crude Oil Ends Sharply Lower Ahead Of Supply Data

(RTTNews) - U.S. crude oil snapped a three-day gain to end at a two-week low on Tuesday, ahead of the weekly oil report from the Energy Information Administration with investors anticipating a notable surge in U.S. stockpiles. The slump comes amid market volatility as May contracts expires at end of session today.

The official weekly crude inventories data from the U.S. Energy Information Administration is expected Wednesday, with the American Petroleum Institute weekly report due late Tuesday.

Nonetheless, lingering concerns about Ukraine and possible supply disruptions from Russia somewhat limited oil's losses.

Light Sweet Crude Oil futures for May delivery plunged $2.24 or 2.2 percent to close at $102.13 a barrel on the New York Mercantile Exchange Tuesday.

Crude prices for May delivery scaled a high of $104.36 a barrel intraday and a low of $101.90.

Light Sweet Crude Oil futures for June delivery, the most actively traded contract, plummeted $1.90 or 1.8 percent to close at $101.75 a barrel on the New York Mercantile Exchange Tuesday.

Crude prices for June delivery scaled a high of $103.65 a barrel intraday and a low of $101.51.

On Monday, crude futures ended marginally higher but near a seven-week high, on lingering concerns over the conflict in eastern Ukraine with worries of a possible supply disruption from Russia..

The dollar index, which tracks the U.S. unit against six major currencies, traded at 79.91 on Tuesday, down from its previous close of 79.95 late Monday in North American trade. The dollar scaled a high of 79.99 intraday and a low of 79.79.

The euro traded higher against the dollar at $1.3801 on Tuesday, as compared to its previous close of $1.3793 late Monday in North America. The euro scaled a high of $1.3824 intraday and a low of $1.3786.

In economic news from the U.S., a report from the National Association of Realtors showed existing home sales edged down 0.2 percent to a seasonally adjusted annual rate of 4.59 million in March from 4.60 million a month earlier. Economists expected existing home sales to drop to an annual rate of 4.56 million.

The Federal Housing Finance Agency Tuesday said home prices in February rose a seasonally adjusted 0.6 percent, up 6.9 percent from a year ago. Home prices in January rose a downwardly revised 0.4 percent, when compared to the initial estimate that showed a gain of 0.5 percent. Economists expected prices to increase a seasonally adjusted 0.3 percent month-over-month following a 0.5 percent increase in January.

The Richmond Federal Reserve's manufacturing index for April rose to 7 from a negative 7 in March. The components of the survey were positive, as new orders showed a gain of 19 points and shipments positive with gains of 15 points. Economists expected the index to come in at 0.

Meanwhile, eurozone consumer confidence dropped less-than-expected in March, a report from the European Commission showed Tuesday. Eurozone consumer confidence slipped to an annual rate of -8.70, from -9.30 in the previous month which was revised down from -9.00. Economists anticipated consumer confidence to drop to -9.05 in March.

Eurozone construction output growth eased sharply in February, data from Eurostat showed Tuesday. Construction output grew only 0.1 percent from January, when it was up by 1.6 percent. The decline was driven by a 0.4 percent fall in building construction, while civil engineering advanced 1.1 percent. On a yearly basis, construction output advanced 6.7 percent in February, but slower than the 8 percent increase seen in January.