Good U.S. Economic Reports, Oil Prices Up Again?

SHUTTERSTOCK

NEW YORK, MAKE MONEY BLOG$ - price of West Texas Intermediate crude oil back up after falling for two days following economic reports from the United States and Germany are better than expected.


WTI oil prices for September delivery rose 70 cents, or 0.8 percent, to 93.43 dollars a barrel on the New York Mercantile Exchange, Tuesday or Wednesday (8/15/2012) morning.

Brent oil for September setting up 43 cents, or 0.4 percent, to 114.03 dollars a barrel on the ICE Futures Europe exchange, based in London, England.

The increase in oil prices driven by the U.S. Commerce Department report that says retail sales increased for the first time in four months. Sales were up 0.8 percent in July, more than the 0.3 percent estimate of Bloomberg.

In Germany, according to the Federal Statistics Office in Wiesbaden, the country's economy to grow slower but better than expected in the second quarter last year. Estimates said the economy grew 0.2 percent, while the realization of economic growth reached 0.3 percent in the second quarter from the first quarter.

"The number of viable retail sales is a signal that the U.S. economy grew a little better," said Chris Barber, a senior analyst at Energy Security Analysis Inc.., In Wakefield, Massachusetts.

Source: kompas.com
Editor: Kistyarini

Posted in: Good U.S. Economic Reports,Oil Prices Up Again?