West Texas crude drifts up to $81.4 per barrel (a 0% gain) after closing the previous session at zero cents .
Crude Oil rose $81.4 to close at $81.4 per barrel today which makes for a move of 0%. (Start trading US crude oil at FXTM today).
This move comes while some more positive signs for WTI crude are out as data for United States Crude Oil Inventories released yesterday at 16:00 UTC is better than expected with 8.41 million, but worse than previous figure of 18.96 million. Data for United States Initial Jobless Claims published yesterday at 13:30 UTC came out at 190,000, beating projections of 214,000 and showing improvement over the preceding figure of 205,000.
At the same time, United States Existing Home Sales (Dec) came out at 4 million, while a consensus of analysts was expecting 3.96 million. United States Philadelphia Fed Manufacturing Index (Jan) released yesterday at 13:30 UTC with a figure of -8.9, while the previous figure was -13.7. United States Building Permits (Dec) came out at 1.33 million.
Outlook for rest of the week: Today's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Pending Home Sales is projected to outperform its last figure with -1%, having previously been at -4%. The figure will be published Friday.
Furthermore, the market is looking at as things stand, upcoming United States Core Durable Goods Orders data is projected to fall short of market expectations with newly published data of -0.1%, following on from the preceding figure of 0.1%. New data is set to be published Thursday. Projections for United States Crude Oil Inventories are set for a continuation of decline with -593,000 while previous data was 8.41 million; data will be released Wednesday.
