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Crude Oil Rallies After Inventory Data

WASHINGTON (Alliance News) - Crude oil futures nudged back above USD60 a barrel Wednesday, as ...

Alliance News 14 February, 2018 | 7:41PM
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WASHINGTON (Alliance News) - Crude oil futures nudged back above USD60 a barrel Wednesday, as the US dollar weakened on downbeat economic data.

A relatively small build in US oil stockpiles also helped crude oil rebound from its recent losses.

The Energy Information Administration reported a third consecutive weekly build in oil inventories. This time, the build was 1.8 million barrels for the week to February 9, roughly in line with estimates.

Nymex March oil futures were 2.4% higher at USD60.60 a barrel, moving back near January's 4-year peak near USD66.

The Commerce Department said retail sales fell by 0.3% in January compared to economist estimates for a 0.2% uptick in sales.

"Overall, some of the weakness in January retail sales could be linked to the unusually high number of reported flu cases last month but, on balance, it was probably inevitable that sales would start to slow after their recent strength," Andrew Hunter, US Economist at Capital Economics.

The news overshadowed today's closely-watched inflation report.

The Labor Department said its consumer price index climbed by 0.5% in January after edging up by a revised 0.2% in December.

Economists had expected consumer prices to rise by 0.3% compared to the 0.1% uptick originally reported for the previous month.

Copyright RTT News/dpa-AFX

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