Positive US News Sends Oil Higher

Oil received a boost during European trading yesterday, after positive US retail sales data signaled to investors that demand in the world's largest energy consuming country could go up. Crude gained over $1 a barrel over the course of the day, and eventually peaked at $93.89. A slight downward correction brought the commodity to the $93.25 level later in the day. Today, in addition to any developments in the Middle East, oil traders will want to pay attention to the US Crude Oil Inventories figure, set to be released at 14:30 GMT. The US inventories figure has come in below the forecasted level for the last two weeks, indicating that the American economy is growing. If today's news once again signals an increase in oil consumption, crude prices could advance further during afternoon trading.

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