(RTTNews) - Crude oil prices dropped on Tuesday morning as jittery traders awaited inventory data as well as the Federal Reserve interest rate decision and key employment data later this week.
Light sweet crude for December fell to $77.32 per barrel, down 83 cents on the session. Prices fell as low as $76.55.
The Energy Information Administration is expected to report inventory data at 10:30 a.m. ET tomorrow. Experts are forecasting a rise of 1.3 million barrels in crude oil for the week ended October 30. Gasoline stocks are up 800,000 barrels and distillates are projected to fall 1 million barrels.
The American Petroleum Institute report is due after the close of floor trading today. The API data, which is not as closely watched because participation is voluntary, moves in the same direction as the EIA report about 75% of the time.
The Federal Open Market Committee's two-day policy meeting begins. Rates are expected to be left unchanged near zero, but traders will watch accompanying comments for clues on future moves.
On the economic front on Tuesday, a Commerce Department report showed that factory orders increased by 0.9 percent in September following an unrevised 0.8 percent decrease in August. The increase in orders came in slightly above economist estimates for an increase of about 0.8 percent.
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