West TX Stays Above $100 after U.S. Data

Crude oil prices slipped on Thursday, pressured by an expected dip in demand during the refinery maintenance season and a rise in jobless claims in the United States, the world’s largest oil consumer.

The poor jobless data was compounded by weak U.S. retail sales data suggesting that consumers used their money toward heating fuel this year amid a record cold winter. The data pressured the U.S. stock market and weighed on oil prices.

Losses were limited by a report from the International Energy Agency (IEA), which said inventories in the developed world fell 1.5 million barrels per day (bpd) in the last three months of 2013 in the steepest quarterly decline since 1999.


Content 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 Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.