Report | Published Friday, 17 January 2020 04:07
Reported by MARINE ONLINE
Crude oil benchmark prices rose more than +1.0% yesterday (16-Jan)
--- US Trade Deal/Bullish
Wednesday's signing of the US/China phase-one trade deal has bolstered optimism that the trade deal will boost global economic growth and energy demand. In addition, the Senate on Thursday gave final Congressional approval to the USMCA agreement, which could spark new business investment now that the long-term rules are set for North American trade.
--- US Economy/Bullish
Stronger-than-expected U.S. economic data on Wednesday was also supportive for energy demand and crude prices. Thursday's weekly initial unemployment claims report unexpectedly fell -10,000 to 204,000, showing a stronger labor market than expectations of +4,000 to 218,000. Also, Dec retail sales rose +0.3%, right on expectations, although Dec retail sales ex-autos rose +0.7%, stronger than expectations of +0.5% and the biggest increase in 5 months.
Disclaimer: MarineOnline would like to remind you that the data contained in this article is not necessarily real-time nor accurate. So prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore MarineOnline doesn`t bear any responsibility for any trading losses you might incur as a result of using this data or information.
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