Meanwhile, we should expect the tensions in the Middle East and North Africa to continue to dominate crude oil movement next week, where the general direction seems to be to the upside, unless of course the situation in Libya changes.
Highlights for this week that will probably affect the Crude Oil direction are:
Wednesday 12:30, the U.S. will release the retail sales index for the month of March, where retail sales rose in February by 1.0% and expectations signal that retail sales rose by 0.5 percent in March, as consumer spending continues to improve over a gradual pace.
Wednesday 18:00, the Fed will release the Beige Book, where the Beige Book is expected to show that economic activities continued to expand at a moderate rate, while conditions in the labor market improved as well, and inflationary pressures continued to rise amid rising energy prices.
Wednesday, 14:30, The Department of Energy will release the weekly petroleum status for the week ending April 8, where the prior report showed that crude oil inventories increased by 2.0 million barrels.
Thursday 12:30, the producer price index will be released for March, where PPI is expected to have continued to rise amid rising energy prices, as the report is expected to show that headline PPI increased by 1.1% on monthly basis, and by 6.2% on yearly basis, while core PPI is expected to increase by 0.2% on monthly basis, and 1.9% on yearly basis.
Friday 12:30, the consumer price index will be released for March, where CPI is expected to have continued to rise amid rising energy prices, as the report is expected to show that headline CPI increased by 0.5% on monthly basis, and by 2.6% on yearly basis, while core CPI is expected to increase by 0.2% on monthly basis, and 1.2% on yearly basis.
Crude oil surges above $126, US dollar slumps
Oil surged to a 32-month high on Friday above $126 a barrel on concerns about long-term supply cuts, while expectations of more interest rate hikes in Europe drove the euro to a 15-month peak against the U.S. dollar.Read More...
Brent surges $4 as dollar fall stirs commods funds
zOil prices surged the most in three weeks on Friday, with Brent jumping $4 a barrel to a 32-month high as a sinking dollar triggered a fresh rush of fund buying across the commodities spectrum. Read More...
Global oil market oversupplied - Iran OPEC governor
Iran sees the global oil market as oversupplied, despite prices that have been pushed up by upheaval in the Middle East, its OPEC governor was quoted as saying in a newspaper published on Saturday. Read More... For the latest updates PRESS CTR + D or visit Stock Market news Today
No comments:
Post a Comment