Crude oil prices fluctuated on Thursday amid mixed news, where the U.S. dollar dropped against major currencies after the FOMC pledged to continue with the loose monetary policy, which prompted crude oil prices to set a new record high above $113, the highest since June 2008, nevertheless, worse than expected economic growth and rising jobless claims in the United States weighed down on crude oil prices, where investors were concerned with the outlook for oil demand from the United States.
We still maintain our bullish outlook for crude oil prices, although we still expect volatility to dominate crude oil prices over the upcoming period, as we might witness some downside corrections, nevertheless, the bullish trend should continue for a while. Friday is another day where we expect volatility in oil markets, as the U.S. will release the income report, alongside other data, and Canada will release the GDP report.
Friday 12:30, Canada will release the Gross Domestic Product for the month of February, where the Canadian economy expanded in January by 0.5% and 3.3% on monthly and yearly basis, and expectations show that economic growth was flat in February, while on early basis, the Canadian economy is expected to expand by 3.1%
Friday 12:30, the United States will release the Income Report for the month of March, where personal income is expected to rise by 0.4%, compared with the prior rise of 0.3% in February, while personal spending is expected to rise by 0.5%, compared with 0.7% in February.
Core PCE is expected to rise in March by 0.1% and 0.9% on monthly and year basis respectively, compared with 0.2% and 0.9% on monthly and yearly basis respectively, although we might witness an upside surprise, since rising energy prices over the past few months started to be reflected through higher inflation rates all around the globe.
Friday 13:45, the Chicago PMI will be released for the month of April, where the Chicago PMI is expected to show that manufacturing activities eased in April to 68.2, compared with 70.6 reported in March.
Friday 13:55, the University of Michigan will release the final estimate for Consumer Confidence in April, where consumer confidence is expected to improve to 70.0 from 69.6 reported in the preliminary estimate.
Originally posted here
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