Weekly crude oil inventories data due at 10:30 am ET from the Energy Information Agency will be in focus today given the dearth of other economic reports and given the recent drop in oil prices. Markets expect oil inventories to rise roughly 2 million barrels in the latest week, which would feed concerns of an oil glut in light of oversupply and demand destruction flowing from the US-China trade war.

Oil prices appeared to correct upward on Tuesday and early Wednesday after dropping last week for a third consecutive week and moving below $60 a barrel on West Texas intermediate futures. The bearish outlook remains the market's base case with another test expected of the year's lows near $5556 for WTI oil.

Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.

Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.