West Texas crude shifts up to $101.8 per barrel (a 0% gain) after closing the previous session at zero cents .
Trading week at a glance - Crude Oil is up to $101.8 per barrel, after closing yesterday at zero cents. Overall, a 0% move or $101.8 this week. (Start trading WTI crude at FXTM today).
This move comes while some more positive signs for US crude oil are out as data for United States Initial Jobless Claims released Thursday is better than expected with 231,000, but worse than previous figure of 233,000.
Nevertheless United States ISM Manufacturing PMI (Jun) published Friday came out at 53, falling short of the 54.9 projections and continuing its decline from the previous 56.1 figure. United States Core PCE Price Index (MoM) (May) fall short of the 0.4 projections, with 0.3 and marks no progress over previous figure of 0.3. Crude Oil Inventories in United States fell short of the -569,000 projection with -2.76 million and continued its downward trajectory from previous figure of -386,000. Following a previous reading of -1.5, GDP (QoQ) (Q1) in United States released Wednesday fell short of the -1.5 figure expected by analysts with an actual reading of -1.6.
Outlook for rest of the week: Positive West Texas crude indicators are expected going forward as United States Crude Oil Inventories is projected to outperform its last figure with -1.1 million. It previously stood at -2.76 million, and data will be released tomorrow at 3:00 PM. United States ADP Nonfarm Employment Change (Jun) is projected to rise to 200,000, beating the previous 128,000 figure. Official data is expected tomorrow at 12:15 PM.
United States JOLTs Job Openings (May) expected to decline to 11 million, while its preceding data was 11.4 million, data will be available today at 2:00 PM.