By FX Empire.com
Crude oil prices rose on Wednesday as hopes and optimism spread through markets that EU countries will eventually approve expanding the size and power of the European Financial Stability Facility fund despite being rejected by the Slovak Parliament, while strong industrial data from the euro zone also supported crude oil gains, as crude oil received good bullish momentum.
The outlook for crude oil though has become highly uncertain, since under the current optimism wave that is dominating markets, we should expect crude oil prices to extend the rally. Nevertheless, we see overall economic conditions as still being weak, and that should put some negative pressure on crude oil prices as well, so we advise traders to be extremely cautious, especially since the EIA report for crude oil inventories will be released on Thursday, as it was postponed by one day due to the Columbus Day holiday earlier this week.
Thursday October 13:
TheU.S.trade figures are due at 12:30 and the trade deficit in August is expected to widen to $46.0 from $44.8 billion.
The weekly jobless claims are also due at 12:30 GMT after last week they rose to 401 thousand.
At 15:00 GMT, the EIA report for crude oil inventories will be released for the week ending October 07, where last week crude oil inventories decreased by 4.7 million barrels, and crude oil inventories are expected to rise by 0.8 million barrels.
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