Oil Rises After US Growth Boosted by Manufacturing and Employment

West Texas Intermediate crude rose to its highest in two weeks amid speculation U.S. unemployment and manufacturing data signaled the world’s biggest oil consumer will sustain its economic growth.

Futures rose as much as 1 percent in New York and have gained 2.1 percent since Jan. 10. U.S. jobless claims fell last week to the lowest since November while a factory index for this month increased, according to separate reports yesterday. Industrial production data for December is due today. Prices may retreat next week, according to a Bloomberg News survey. Morgan Stanley said it sees “downside risk” for crude from rising supply.

via Bloomberg

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Alfonso Esparza

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.
Alfonso Esparza