Brent Could Reach New Highs This Week on U.S. Economic Data
By Laura Brodbeck | January 29, 2013 1:47 AM EST
Brent crude oil began the week trading that $113.21 on Monday morning. The commodity has found support from signs that the world's largest economies are recovering as well as rising tension within the Middle East.
The U.S. has been posting positive economic data in recent weeks and leading investors to believe that the world's largest oil consuming nation is on track for recovery. This week, investors will be waiting for the results of a U.S. Federal Reserve policy meeting which will conclude on Wednesday. The Fed is expected to keep interest rates low until unemployment rates drop to 6.5 percent.
U.S. unemployment data is also due out later in the week, but many expect that figure to be unchanged at 7.8 percent.
With two significant indicators of U.S. economic health due out this week, some are expecting to see big changes in the oil market.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Join the Conversation
- Australian Stock Market Report – Afternoon November 28, 2014
- Australian Stock Market Report – Midday November 28, 2014
- Canada's Diavik Diamond Mine Receives $350M Boost From Anglo-Australian Miner Rio Tinto
- Global Markets Overview – November 28, 2014
- Australian Stock Market Report – Morning November 28, 2014
- Revealed: Vladimir Putin Plotting To Invade Europe – Report
- 5 Proofs Russia is Geared-Up for Shooting War with U.S. and Can Win Future Nuclear Showdown
- IKEA Black Friday 2014 Ad Includes Discounts On Home Furnishings, Appliances, Kitchen Designs, Beds, Sofas, Mattresses And Toys
- T-Mobile’s Black Friday 2014 Deals On Apple iPhone 6, Samsung Galaxy Note 4/Edge, Nexus 6, HTC One M8, LG G3, iPad Air 2 And Mini 3
- Australian and Other Select Earth Locations Hold Proofs Life Once Existed On Mars – Report
- ISIS Drug Transit From Afghanistan To Europe Confirmed By Russia: Money Goes Into Terror Funding And In New Recruitments
- Lowe's Black Friday 2014 Deals Include Up To 40% Off On Select Major Appliances, Plus Free Shipping For Orders Of $19 Or More