West TX Oil Near $77 on Strong U.S. Data

U.S. crude settled up $1 at $75.88 per barrel on Thursday as strong U.S. economic data bolstered crude markets but focus remained on whether OPEC will cut enough output to end a five-month long sell-off when it meets next week.

Factory activity in the U.S. mid-Atlantic region grew at its fastest pace in two decades, U.S. home resales jumped to their highest in more than a year in October, and a gauge of future U.S. economic activity gained more than expected last month. The data offset growth worries in the euro zone and China.

On the OPEC front, chances have risen in recent days that the Organization of the Petroleum Exporting Countries will agree on reducing production when it meets Nov. 27, said analysts, citing meetings between group members.


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.