After ending Friday at $84.51 per barrel, Oil slides down to $84.51 per barrel (up 89.5 cents) .
A bearish end to the trading week, after ending the previous week at $85.4, Crude Oil Futures went up to $86.59 only to drop back to midpoint range and now trades at $84.51 per barrel. (Trade Chicago Oil with FXTM now).
United States Existing Home Sales fall short of the 6.44 million projections, with 6.18 million and continued its downward trajectory from previous figure of 6.48 million. United States Initial Jobless Claims published Thursday came out at 286,000, falling short of the 220,000 projections and continuing its decline from the previous 231,000 figure.
On the flip side, United States Crude Oil Inventories comes out at 515,000, above the estimate of -938,000. This is also a step forward from the previous data of -4.55 million. Data for United States Philadelphia Fed Manufacturing Index (Jan) released Thursday comes out at 23.2, beating projections of 20 and showing improvement over the preceding figure of 15.4. United States Building Permits beats expectations of 1.70 million with new data release of 1.87 million. This is also a step forward from the previous data of 1.72 million.
Outlook for rest of the week: The market will be looking for upcoming data regarding United States Crude Oil Inventories is expected Wednesday. United States Crude Oil Production is expected Wednesday. United States GDP is projected to outperform its last figure with 5.4. It previously stood at 2.3; data will be released Thursday.