RTTN: Crude Hovers Above $85 Ahead Of Retail Sales Data
(RTTNews) - Crude prices edged up Tuesday morning after Chinese inflation rose less than expected, easing concerns monetary policy will be tightened aggressively for the world's second-largest oil consumer of oil.
Light Sweet Crude Oil (WTI) futures for March delivery edged up $0.43 to $85.24 a barrel. Yesterday, oil closed below $85 amid demand growth worries.
Consumer prices in China rose 4.9 percent in January from a year earlier after a 4.6 percent gain in December. Economists had anticipated a 5.4 percent gain in the consumer price index. Meanwhile, producer-price inflation quickened to 6.6 percent from 5.9 percent.
This morning, the U.S. dollar was mixed against its major counterparts ahead of retail sales data from the U.S. The greenback was struggling for direction versus the euro amid mixed economic data from the euro zone region. The buck was weaker against sterling and ticking higher versus the yen, while trading flat against the Swiss Franc.
Today after the trading hours, the API will release its report on U.S. weekly crude oil inventories. Analysts expect crude oil inventories pile up by 2.60 million barrels last week.
Today, traders will look to January retail sales data from the U.S. Commerce Department. Economists estimate a 0.5 percent increase each in retail sales and in retail sales excluding autos.
Also, the results of the New York Federal Reserve's empire state manufacturing survey will be eyed. The headline general business conditions index for February is expected to come in at 15.
