Crude Oil Prices Bounce Higher Over Strong US Retail Sales
After falling for two consecutive days, WTI crude oil prices edged higher early on Friday following the release of a strong retail sales
Arslan Butt•Friday, August 16, 2019•1 min read

After falling for two consecutive days, WTI crude oil prices edged higher early on Friday following the release of a strong retail sales report from the US. At the time of writing, WTI crude oil is trading at around $55.11 per barrel.
In July, retail sales rose by 0.7%, allaying some concerns of an impending recession in the US economy. This shows that domestic consumption remains strong in the US markets, despite the ongoing US-China trade war.
Crude oil prices have also received support from news reports that Saudi Arabia and other OPEC members are exploring ways to balance oil supply in keeping with falling demand. However, rising outputs of US shale oil and higher crude inventories in the US continue to keep oil markets under pressure.
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ABOUT THE AUTHOR
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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