WTI and Brent crude futures settled in positive territory after earlier seeing a minor decline following weaker than expected US Retail Sales data. The bounce can be attributed to the escalating conflict between Israel and Gaza reinforcing concerns about tension in the Middle East. This has exacerbated an already tense position with the Syrian and Iranian situations also a cause for concern.
Also supportive of crude futures was the news that TransCanada had declared force majeure on loss of shipments due to lack of power earlier this week.
Worthy of note, API Inventory figures are due at 2130GMT/1530CST later in the session after being postponed following the US Veterans Day holiday.
14 Nov 2012 - 13:40 - - Source: RANsquawk
RANsquawk provides audio news and commentary for over 15,000 professional traders and brokers worldwide. Services include: