News Column

Crude Oil Takes Breather After Big Rally To USD104

May 22, 2014

WASHINGTON (Alliance News) - Crude oil prices are little changed Thursday morning with investors awaiting some crucial US economic data.

While a sharp decline in US crude stockpiles is supporting oil prices, profit taking after previous session's rally is halting its progress.

Crude oil futures for July are down USD0.12 or 0.12% at USD103.95 a barrel, not far off from a four-week high of USD104.29 a barrel it touched on Wednesday.

Crude oil futures ended up USD1.74 or 1.7% at USD104.07 a barrel on Wednesday, after official data from the Energy Information Administration showed a surprisingly large drop in US crude oil stockpiles.

Investors will be looking ahead to the jobless claims data from the US Labor Department, due at 8:30 am ET. Economists expect claims to have increased to 310,000 from 297,000 in the previous week.

At 9:45 am ET, Markit will release flash estimate of its manufacturing index for May. The consensus estimate calls for an increase in the index to 55.9 from 55.4 in the previous month.

The National Association of Realtors is scheduled to release its existing home sales report for April at 10 am ET. Economists expect existing home sales to come in at a seasonally adjusted annual rate of 4.69 million units compared to a 4.59 million unit rate in March.

Around the same time, the Conference Board is due to release its leading economic indicators index for April. Economists expect a 0.4% month-over-month increase in the leading economic indicators index.

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Source: Alliance News

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