Crude oil prices declined over the course of last week, where crude oil prices rose at the start of last week to the highest level since September 2008, and continued to fall from that level before recovering some of the losses later in the week, where oil prices were heavily influenced by the movement of the U.S. dollar, in addition to the economic fundamentals that were released all across the world, especially from the United States economy.
Data from the United States suggested that the economy is still recovering at a modest pace, while the outlook seems to be much better compared to the past period, while stronger growth from China supported oil prices, meanwhile, the ongoing political unrest in the Middle East and North Africa continued to support crude oil prices in general.
Meanwhile, we should expect the tensions in the Middle East and North Africa to continue to dominate crude oil movement next week, where the general direction seems to be to the upside, yet we should follow the developments in the Middle East since the economic fundamentals that are due from the United States aren’t that relevant to crude oil markets.
We should note that markets will be off on Friday due to the Good Friday holiday.
Highlights for this week that will probably affect the Crude Oil direction are:
Tuesday 11:00, Canada will release the consumer price index will be released for March, where CPI is expected to have continued to rise amid rising energy prices, as the report is expected to show that headline CPI increased by 0.6% on monthly basis, and by 2.8% on yearly basis, while core CPI is expected to increase by 0.3% on monthly basis, and 1.3% on yearly basis.
Wednesday, 14:30, The Department of Energy will release the weekly petroleum status for the week ending April 15, where the prior report showed that crude oil inventories increased by 1.6 million barrels.
Originally posted here
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