Oil Rises After Higher US Retail Sales Fuel Optimism

December 12, 2013 Share Print 0

West Texas Intermediate crude advanced after U.S. retail sales climbed, bolstering the outlook for the economy of the world’s biggest fuel-consuming nation.

Futures gained as much as 0.8 percent. Commerce Department data show purchases rose 0.7 percent last month, the most since June. Equities and commodities dropped yesterday on speculation that a two-year U.S. budget accord will increase the likelihood that the Federal Reserve will curb bond buying. The Fed may begin cutting stimulus at its Dec. 17-18 meeting, according to 34 percent of economists surveyed Dec. 6 by Bloomberg.

via Bloomberg

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.