Oil Trades Narrowly after Storm

Oil prices moved sideways in Asian session today as the market pondered the impacts of Hurricane Irene which hit the East Coast of the US over the weekend. Over the next couple of months, economic data will be affected. We will probably see jobless claims increase while household spending and industrial production drop. Reconstruction works will, however, boost economic growth later in the year. Gold price reversed gains after initially climbing higher to 1841.5.

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Oil Trades Narrowly after Storm