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Oil Advances on US Data

July 15, 2013 at 22:30 by Vladimir Vyun

Crude oil rose today on positive data from the United States. The Empire State Manufacturing Index unexpectedly jumped from 7.8 in June to 9.5 in July. The data suggested that the economy is still growing and this improved prospects for fuel demand.

Not all reports were good. Retail sales were up 0.4 percent in June, missing the forecast of 0.7 percent. But even poor data was not completely bad as it supported the view that the Federal Reserve will keep its monetary stimulus and such outlook is generally bullish for commodities.

Futures for delivery of WTI crude oil in August jumped $0.37 to $106.32 per barrel on NYMEX. Contract for Brent crude was up $0.21 (0.19 percent) to $109.02 per barrel as of 22:28 GMT on ICE today.

If you have any questions and comments on the commodities today, use the form below to reply.

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