WTI oil futures open Friday’s trading session back under $85 a barrel as investors look to the latest US economic indicators in US retail sales due later in the day for signs about the strength of America’s economy.
Latest WTI Oil Price
US Light crude oil futures for November 2011 delivery was trading at $84.64 a barrel, 08.45 GMT this morning in electronic trading on the NYMEX.
US Economic Data
Crude oil prices have wandered most of this week in the mid-$80s after jumping from $75 last week amid investor optimism that Europe will soon unveil a proper plan to contain its debt crisis.
Oil traders and investors will be closely watching the latest data about US retail sales, consumer sentiment and business inventories scheduled to be released later Friday for clues about crude oil demand in the US.
“Consumers remain relatively resilient. It’s evident they don’t want to cut back on spending. It’s going to be a decent but not spectacular holiday shopping season.” said Ryan Sweet, a senior economist at Moody’s Analytics, West Chester, Pennsylvania.
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WTI crude oil trading under $85 ahead of US retail sales data
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