Crude Dips on Record-High Euro-Zone Unemployment, Profit Taking (USO) (OIL)

Crude is slipping today following recent gains as some traders are taking profits while new euro-zone data pointed to record-high unemployment numbers.

Eurostat said the unemployment in the 17-member union hit 12.1 percent, the highest level on record for the area. Inflation, meanwhile, fell to an annualized rate of 1.2 percent in April 2013, below the European CEntral Banks' goal of 2.0 percent in 2013 and compared with 1.7 percent reported in March 2013.

Otherwise, traders are waiting for the end of a two-day Fed meeting for any signals of when quantitative easing is expected to end.

After settling at the highest level since April 10th, WTI June contracts are down $1.17 to $93.33 per barrel in New York.

For Wednesday, expectations peg crude stockpiles dropping about 600,000 barrels, while distillate inventory should jump about 300,000 barrels.

Lower as well include United States Oil (NYSE: USO), iPath S&P GSCI Crude Oil TR Index ETN (NYSE: OIL), and ProShares Ultra DJ-UBS Crude Oil (NYSE: UCO).

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