By FX Empire.com
Crude oil prices gained on Friday, as optimism spread through markets after strong retail sales figures from the United States supported confidence and boosted demand for higher yielding and risky assets, which provided crude oil prices with strong bullish momentum.
The outlook for crude oil though has become highly uncertain, since the sentiment in markets has become the major market mover for crude oil prices, but overall, we still expect crude oil prices to remain under pressure, since signs of weak global growth continue to emerge. Moreover, the uncertainty that continues to surround the outlook of the European debt crisis could also put negative pressure on crude oil prices over the coming period.
Monday October 17:
The United States will start the week at 12:30 GMT with the Empire Manufacturing index for October which is expected with improvement to -4.0 from -8.82.
At 13:15 GMT the Industrial Production for September is due and expected to hold on the month with 0.2% gain and capacity utilization to move slightly higher to 77.5% from 77.4%.
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