By FX Empire.com
Crude oil prices fell on Thursday, as data from China showed that demand for crude oil remained somewhat weak, raising concerns over the outlook for demand amid the recent slowdown in global economic activities, which put crude oil prices under pressure. Moreover, the EIA report showed crude oil inventories rose last week above expectations, where the EIA report showed crude oil inventories increased by 1.3 million barrels, compared with median estimates of 0.80 million barrels, and the prior drop of 4.7 million barrels.
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.
Friday October 14:
The U.S. economy will end the week with heavy data starting at 12:30 GMT with the September Retail Sales as the index is expected to rise moderately by 0.2% less autos after 0.1% gain in August and excluding gas and auto sales are also expected with 0.2% rise after 0.1%.
At 13:55 GMT the University of Michigan confidence for October is expected with a rise to 60.0 from 59.4; and finally at 14:00 GMT, Business Inventories for August are expected to hold at 0.4%.
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