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Oil Pace Attempts 1-Year Highs

Oil Pace Attempts 1-Year Highs

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Oil prices continued their bullish run last week with prices posting a new 7-month high at $48.94. The commodity managed to hold its ground despite a build-up in weekly inventories and a stronger US dollar. But supply disruptions continue and projections that oil demand could go up over the coming quarters kept prices higher.

Weekly Review

Inflation data was one of the main themes last week. In the UK, inflation slipped in April, rising only 0.10% compared to 0.40% in March. The drop in inflation was widely expected, at least by the Bank of England which said that the increase in March's inflation data was only transitory due to the Easter holidays. In the Eurozone, inflation was back into the familiar deflationary territory with monthly CPI down 0.20%. In comparison, the US inflation data was strongly positive, rising 1.10% yearly.

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The Week Ahead

US economic data in general was broadly positive, with industrial production rising 0.70% in April after a downwardly revised -0.90% decline in March. The Fed minutes revealed that most Fed members expecting to vote for a rate hike in June.

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