WTI Crude Oil Gets a Boost From Strong US Consumer Spending Report

WTI crude oil prices continue to climb higher early on Friday, boosted by the release of strong consumer spending data from the US.

Arslan Butt•Friday, December 27, 2019•1 min read

WTI crude oil prices continue to climb higher early on Friday, boosted by the release of strong consumer spending data from the US. At the time of writing, WTI crude oil is trading at around $61.81 per barrel.

Data released on Thursday revealed a stronger than forecast figure for consumer spending, with the figure touching record highs for the month of November. Consumer spending rose 2.4% higher YoY and 0.4% higher MoM seasonally adjusted last month.

This reflects increasing confidence in the US economy, one of the world’s largest energy consumers, driving crude oil prices bullish. Meanwhile, crude oil also enjoys support over expectations of the phase one trade deal being inked between the US and China shortly, as well as the deeper production curbs that will be implemented by OPEC and its allies in 2020.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Open a FREE Trading Account

ABOUT THE AUTHOR See More

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.