Crude oil fluctuated as U.S. retail sales unexpectedly weakened and jobless claims rose, indicating that the economy will be slow to recover. Oil extended its longest decline in a month as sales at U.S. retailers slipped 0.3 percent in December, after a 1.8 percent jump in November, according to the Commerce Department in Washington. Weekly jobless claims climbed 2.5 percent, the most in five weeks, the Labor Department said. “It’s getting more and more difficult to maintain prices at around $80, though last week it seemed like it was going to be the floor,” said Michael Fitzpatrick, vice president of energy at MF Global in New York. Prices are likely to trade in a $70 to $80 range without “incontrovertible signs that the economy is improving.”
Crude oil for February delivery fell 17 cents to $79.48 a barrel at 12:16 p.m. on the New York Mercantile Exchange. Crude prices have more than doubled in the past year, reaching a 15- month high of $83.95 on Jan. 11. Oil fell as much as 0.9 percent and rose as much as 0.9 percent today. Oil settled below $80 a barrel yesterday for the first time this year, after a U.S. government report showed the country’s crude and fuel inventories increased last week. Crude has declined 5.3 percent from the Jan. 11 high.
February crude oil options expiration at the end of the trading day is making futures volatile, analysts said.....Read the entire article.
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