U.S. stock futures are pointing to a higher opening on Wednesday led by rising crude oil prices which are pushing close to $50.00 a barrel after U.S. Crude prices reached a seven month high on Tuesday following a weekly report from the American Petroleum Institute that showed a drop in oil supplies by 5.1 million barrels, pointing to some easing in the build-up of crude oil.
Later today at 10:30 a.m. Eastern Time a crude inventory report for 5/21 will be released that will shed more light about oil levels.
Currently, U.S. WTI Crude (July 2016 Futures) is trading at $ 49.30 a barrel, up 1.38 percent while Brent Crude (July 2016 futures) is trading at $49.26 a barrel, up 1.32 percent.
Yesterday all three major U.S. stock indexes rose over 1 percent as investor sentiment turned positive on the heels of rallying crude oil prices and a report that showed new U.S. home sales for April improved better than expected.
April U.S. new home sales reached 619,000, surpassing the briefing.com consensus estimate of 521,000.
Tomorrow durable orders for April is expected to show an increase of 0.8 percent, according to a consensus estimate from briefing.com, a slight decline from 0.6 percent in March.
On Friday the 2nd estimate of U.S. 1Q 206 GDP is expected to show the U.S. economy expanded by 0.9 percent, above the 0.5 percent in the 1st estimate.
Washington State Primary Race
Yesterday likely Republican presidential nominee Donald Trump picked up at least 40 of Washington state’s 44 Republican delegates in the Republican race and now only needs just under 10 delegates to reach the 1,237 total delegates to capture the Republican nomination.
President Obama Lifts Ban On Arm Sales To Vietnam
Yesterday U.S. President Obama ended a ban on arm sales to Vietnam and said the U.S. plans to coordinate more closely with Vietnam on regional security issues.