A faster than expected second quarter growth in the U.S. economy and Germany’s agreement on Euro nations bailout helped crude rebound a bit from last week’s lows, though for the week it was still in the red.
However, the decrease was cushioned by a drop in American jobless claims number, which retreated to levels last seen in early April, signalling a potential increase in employment down the road.
Despite the positive economic news from U.S. and Europe, fears of a slowing Chinese economy could moderate the increase in the price of crude. After reaching a low of $75.71 on August 9, WTI has been trading between the range of $77.11 and $90.52, so far this month. Crude for November delivery is currently down $1.45 or 1.77% at 11 am ET.