Black Gold Hits Two-Day High in US

The United States is truly beginning to show signs of a recovering economy; oil trades in New York have closed at a two-day high after a higher than forecasted gain was achieved in retail sales. This increase suggests that fuel demand may be on the rise for the world's greatest crude oil buyer.

The Commerce Department Data revealed a 0.8 percent increase in retail sales for the month of March which depicts economic growth, health, and confidence. This increase in the price of crude is attesting beneficial for those trading oil. At Option XP, traders not only have the opportunity to flourish financially on this reported increase but will also benefit from gratuitous welcome bonuses that can be used for these specific trades.

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Over the past week, it is estimated that US crude stockpiles climbed by 1.3 million barrels. This increase is a prediction presented by analysts ahead of the Energy Department report due this week. This incline in demand and price can prove to be a significant opportunity for traders. As traders around the globe witness the further strengthening of the US economy and increase in its demand for black gold, it is imperative for traders to pay close attention to US data reports this week that will further suggest a healthier state and thus a further increase in oil price.