Morning Oil Report: Crude Floating Near $70

If anyone has any thoughts on where oil is headed, go ahead and throw it out there because it's anyone's guess now.

Crude oil prices floated around the $70 mark during the electronic trading session on the New York Mercantile Exchange early Wednesday. Following a mix of economic data reports, light, sweet crude for July delivery lost 15 cents on Tuesday to settle at $70.47 a barrel. This marked the third straight day of declines. The price has rocketed in recent weeks fueled by a weak dollar.

The price per barrel has traded between $69 and $71 Wednesday. It's currently at $70.09, down 38 cents.

All eyes will be fixed on the Energy Information Administration's weekly crude inventory report, which is expected at 10:30 a.m. EDT Wednesday.

Almost all of the big oil stocks were pummeled during the regular trading session Tuesday. Exxon Mobil(XOM Quote) slipped 1.6%. Anadarko Petroleum(APC Quote) and Noble Energy(NBL Quote) changed hands in negative territory as well, finishing down 2.7% and 3.2%, respectively, by the closing bell.