RTTN: Crude Moves Back Above $75 On Optimism Over Economic Recovery
(RTTNews) - The price of crude oil moved up Monday morning amid recovering euro and equities on optimism over global economic growth.
Light Sweet Crude Oil (WTI) futures for July delivery were up $1.31 to $75.08 a barrel. Friday, oil snapped its four day winning streak to settle below $74 amid mixed economic data from the U.S. While retail sales dropped the most in eight months, consumer sentiment index jumped to its highest level since January 2008.
Meanwhile, the U.S. dollar continued to retreat from its 4-year high versus the euro and trading weak against the British pound. The euro zone industrial production grew by 0.8% month-on-month in April from a 1.3% growth over previous month and beat consensus expectations for a 0.5% growth. The greenback was almost flat versus the yen.
With a very light economic calendar today, traders will look to the movements in the equity and currency markets to get further clues.
For this week, data on U.S. crude oil inventories from the API and EIA, housing starts, industrial production and consumer prices will be eyed to gauge the strength in the recovery of the economy.
