Crude Oil Rally Fizzles
WASHINGTON (Alliance News) - Crude oil futures fell from 3-year highs Monday morning as traders booked profits following last week's big rally.
Oil has risen sharply over the psat month despite signs the US shale boom continues unabated.
On Friday, Baker Hughes said the US active rig count jumped well above 1000. However, Analysts say OPEC's supply quota plan and a weak dollar have given oil a significant boost.
WTI light sweet oil was down 84 cents at USD66.55 a barrel.
The US Commerce Department's Retail Sales report for March will be published at 8.30 am ET. The market analysts are looking for consensus of 0.4% increase compared to a decline of 0.1% in the prior month. Retails sales less autos is expected to be stable at 0.2%.
Empire State Manufacturing Survey for April is expected at 8.30 am ET. The consensus is for 18.2, down from 22.5 in the prior month.
The Commerce Departments Business Inventories for February will be revealed at 10.00 am ET. The consensus is for 0.6% in line with January.
National Association of Home Builders/Wells Fargo's Housing Market Index for April will be published at 10.00 am. The consensus of Housing Market Index is 70, unchanged from the prior month.
Copyright RTT News/dpa-AFX
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