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US Crude Oil Futures Fall Ahead of Inventories Data but Uptrend Remains Intact

In mid-morning trading, the FTSE 100 has risen around 25 points, reclaiming the 6300 level yet again, as investors regain their composure.

It has been the case for weeks now that even temporary bouts of weakness have provided an opportunity for investors to get into this rally, and we are seeing this once again.

Doubts about the Eurozone have once again been banished to the outer darkness, aided by better data from the US.

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An increase in Toyota’s profit forecast also indicates that companies are starting to feel more confident about the global outlook.

It now only remains for investors to be comfortable with the Dow above 14,000 and the S&P 500 above 1500 for us to push on from here.

Hargreaves Lansdown has raced higher by 7% and is dragging the broader sector along with it.

With a quiet day for economic data, the focus will be on crude inventories this afternoon.

US crude oil futures are lower this morning, but the trend is still on course to challenge $100 per barrel again.

This could prompt some worried muttering about the adverse impact of higher oil prices on the economy.

Ahead of the open, we expect the Dow to start almost unchanged at 13,972.

 

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Financial Market Comments from Chris Beauchamp, Market Analyst, IG Index.

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