WTI Crude Oil Choppy Session Continues to Play – Eyes on a Breakout!
Arslan Butt • 2 min read
WTI Crude oil closed at $65.37 after placing a high of $65.62 and a low of $63.33. Crude oil re-bounced and recovered most of its previous day’s losses on Friday and ended the week on a positive note as the U.S. economic recovery outlook remained uneven amid volatile economic data that dimmed the concerns of early tapering the U.S. Federal Reserve. During this week, the crude prices hit the mid-week highest level as a substantial rise in the U.S. Consumer Price Index raised the concerns that the Federal Reserve would start reigning in its ultra-easy monetary policies earlier than expected.
However, on Friday, the economic data, including U.S. Retail Sales, remained flat in April and reduced fears of the country’s economy running too hot. On the data front, at 17:30 GMT, Retail Sales for April fell to 0.0% against the projected 1.0% and weighed on the U.S. dollar that helped crude oil to post gains. The Import Prices remained flat with the estimation of 0.7%. At 17:32 GMT, the Core Retail Sales also declined to -0.8% against the projected 0.5% and weighed on the U.S. dollar that further supported crude oil prices. At 18:15 GMT, the Industrial Production for April reduced to 0.7% against the anticipated 0.9% and weighed on the U.S. dollar that added gains in crude oil.