Commodities
WTI Crude Oil Rebounds on Poor US Retail Sales Data
The price of WTI crude oil has bounced off session lows to trade around $82.26, despite a poor showing in US retail sales data for July.
The data showed a (MoM) change of -0.6% versus a forecasted 0.1%, with the retail sales ex-autos also missing expectations at -0.3%
The preliminary Michigan Consumer Sentiment Index for August fell short of forecasts, while US initial jobless claims last week missed estimates.
The light crude oil price trades within a descending channel formation on the 60-minute chart and continues to trade below its 100-hour moving average line
Bulls will look to push the price towards $83.51 or higher, while bears target a drop to $80.82 or lower at $79.34.