Despite the Fed rate increase, spot Crude Oil prices rose to a five-week high during yesterday's trading. This price increase also came after a rise in Crude Oil inventory numbers. The weekly Crude Oil inventory data released by the Energy Information Agency showed a 3.1M barrel increase in the amount of crude the U.S. holds, significantly higher than the 1.8M barrel market expectation. However, the key data in the report showed distillate stocks fell by 2.9M barrels. The market expected only a 1.5M barrel reduction. The data helped to increase the price of spot crude oil to a high of $79.61 from an opening price of $77.25.
Spot Crude Oil trading should be impacted by the release of two economic data releases due out today. The first report will be Britain's monthly retail sales numbers. The data release is a key economic indicator for the British economy and shows consumer spending along with overall sentiment of the British consumer. The second key economic data is due out from the U.S. Last month's core CPI numbers are expected to be a minute 0.2%. Should the actual number be greater than expected, this could hurt Crude Oil prices, sending them lower to their next support level of $77.99.