Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Crude falls as U.S. consumer sentiment data disappoints

CommoditiesJan 18, 2013 12:19PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items - Soft U.S. consumer sentiment figures caught energy investors off guard on Friday and prompted a sell-off of crude futures a day after solid housing and labor-market data sparked a rally.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at USD95.64 a barrel on Friday, down 0.31%, off from a session high of USD96.12 and up from an earlier session low of USD95.40.

In the U.S. earlier, data revealed that the Thomson Reuters/University of Michigan's preliminary index of U.S. consumer sentiment fell to 71.3 in January — its lowest level since December 2011 — from 72.9 in December, disappointing expectations for an improvement to 75.0.

Consumer spending drives about 70% of total U.S. economic output, and the disappointing sentiment figures offset solid housing and labor-market data released on Thursday.

In the U.S. a day earlier, the Department of Labor reported that the number of individuals filing for weekly jobless benefits last week fell by 37,000 to a seasonally adjusted five-year low of 335,000, much more than market calls for a decline of 7,000 to 365,000.

The news sent oil prices surging on sentiments that a stronger U.S. economy will demand more fuels and energy going forward.

Also on Thursday, the Commerce Department said U.S. housing starts jumped by 12.1% in December to an annual unit rate of 954,000, the highest level since 2008, beating out expectations for a 4.6% increase to 890,000, which also pushed growth-sensitive oil prices higher.

Solid Chinese growth data offset crude's losses, however.

China's gross domestic product rose 7.9% in the fourth quarter from a year earlier, compared with expectations for a 7.8% rise, after a 7.4% increase in the previous quarter.

Elsewhere on the ICE Futures Exchange, Brent oil futures for March delivery were up 0.10% at USD111.22 a barrel, up USD15.58 from its U.S. counterpart.

Crude falls as U.S. consumer sentiment data disappoints

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email