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|US markets were the driving force behind the
capital markets during the past week as headlines over European
sovereign debt took a back seat to solid economic data. Solid employment data, along with better than expected housing numbers, helped buoy riskier assets, allowing commodities and equities to bounce from the prior week’s slump.
The US economy continued to show upbeat data
The housing market also received positive news
The Commerce data showed that building
In the commodity sector, crude oil prices
U.S. commercial crude oil inventories decreased by 10.6 million barrels from the previous week, a much larger draw than expected. Total motor gasoline inventories decreased by 0.4 million barrels last week and distillate fuel inventories decreased by 2.4 million barrels. Total commercial petroleum inventories decreased by 18.2 million barrels last week. The large draws in inventory came despite a decline in demand of more than 5% year over year.
|Crude oil prices rebounded
smartly off of the 200-day moving average hit during the beginning of the week.
Prices soared more than 6% pushing through the 50-day moving average near 98.00.
Oil is poised to test resistance near 102.00. Support is now seen at the 50-day
The Euro remained stagnant for the majority