Crude oil prices tumbled heavily on Wednesday as rising inflation in China and Europe led to speculations that central banks around the world will continue to tighten their monetary policy, more importantly, the EIA report for crude oil inventories rose more than double expectations last week, which sent crude oil prices tumbling to the ground.
The EIA report showed that crude oil inventories rose last week by 3.8 million barrels, compared with the prior rise of 3.4 million barrels and median estimates of 1.5 million barrels.
Crude oil prices will depend over the rest of this week on the inflationary figures that will be released from the United States, where the PPI and the CPI will be released over the next two days, but overall crude oil prices will probably drop on Thursday, since jitters continue to dominate global financial markets.
Thursday 12:30, Canada will release the new housing price index for the month of March, where house prices increased by 0.4%, while compared with a year earlier, house prices in Canada rose by 2.1%.
Thursday 12:30, the United States will release the Jobless Claims for the week ending May 7, where jobless claims rose last week unexpectedly to 474,000, as overall data on employment was somewhat weak last week, despite showing a gradual improvement in hiring.
Thursday 12:30, the producer price index will be released for April, where PPI is expected to have continued to rise amid rising energy prices, as the report is expected to show that headline PPI increased by 0.6% on monthly basis, and by 6.5% on yearly basis, while core PPI is expected to increase by 0.2% on monthly basis, and 2.1% on yearly basis.
Thursday 12:30, the U.S. will release the retail sales index for the month of April, where advanced retail sales are expected to rise by 0.6%, compared with the prior rise in March by 0.4%, while retail sales excluding autos are expected to rise by 0.6%, compared with the prior rise of 0.8% in March.
Thursday 14:00, the U.S. will release the business inventories index for the month of March, where business inventories are expected to rise by 0.9%, following the prior rise of 0.5% in February.
Originally posted here
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