By FX Empire.com
Crude oil prices extended the gains on Wednesday, rising over $100 a barrel and reaching the highest level since June, where rising industrial production in the United States helped in pausing crude oil prices higher. Moreover, news of plans to reverse the Seaway pipeline to reduce an oil surplus in Cushing helped to push crude oil prices higher.
Meanwhile, the EIA report showed crude oil stockpiles fell by 1.1 million barrels, compared with the prior decrease of 1.4 million barrels, and compared with median estimates of a decrease by 1.2 million barrels.
Traders will continue to monitor the developments from Europe regarding the debt crisis, where rising yields in Europe suggest investors are concerned amid the uncertainty that is surrounding the outlook of the EU debt crisis. Moreover, traders will be eyeing data from the U.S. housing market represented by the housing starts and building permits, in addition to the weekly jobless claims, and the Philadelphia Fed index.
Thursday November 17:
The U.S. data will start at 13:30 GMT with the housing starts for October which is expected to drop to 610 thousand from 658 thousand and Building Permits on the other hand to rise to 600 thousand from 594 thousand.
At the same time we have the weekly jobless claims for the week ending November 11 after last week they unexpectedly declined to 390 thousand.
The data will end with the Philadelphia Fed Index for November at 15:00 GMT which is expected to improve to 10.0 from 8.7.
Originally posted here
