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WTI oil settles under $28 a barrel

Oil futures settled below $28 a barrel on Wednesday as recent industry reports raised further worries about the outlook for crude demand and an ongoing surplus of supplies. Prices managed to get only a brief boost in the immediate wake of data showing a surprise decline in weekly U.S. crude inventories. March West Texas Intermediate crude finished at $27.45 a barrel on the New York Mercantile Exchange, down 49 cents, or 1.8%. Based on the front-month contracts, prices settled at their lowest level since Jan. 20.

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NRF expects retail sales to grow 3.1% in 2016

The National Retail Federation expects retail sales, excluding automobile, gas station and restaurant sales, to grow 3.1% in 2016. “Wage stagnation is easing, jobs are being created and consumer confidence remains steady, so despite the headwinds our economy faces from international developments – particularly in China – we think 2016 will be favorable for growth in the retail industry,” said Matthew Shay, chief executive of the NRF, according to a statement published Wednesday. The trade association also forecasts economic growth in the range of 1.9% to 2.4% in 2016. And the NRF sees employment gains of about 190,000 on an average monthly basis, with the unemployment rate dropping to 4.6% by year-end. The unemployment rate currently stands at 4.9%.

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Dollar edges lower as Yellen takes questions

The dollar trimmed its gains against the euro and weakened further against the yen Wednesday after Federal Reserve Chairwoman Janet Yellen took questions from the House Financial Services committee. Yellen largely hewed to the cautious outlook from her prepared remarks during the question and answer session. She acknowledged the deterioration in market conditions, but didn’t back away from the possibility of raising interest rates in the near future. The dollar’s decline suggests that investors have interpreted her remarks as slightly dovish — meaning they expect the Fed will leave interest rates lower for longer, said Matt Weller, senior technical analyst at Forex.com. The euro traded at $1.1205, compared with $1.1289 late Tuesday in New York. The dollar traded at 114.33 yen, compared with 114.95 yen.

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WTI oil climbs after EIA reports an unexpected fall in crude supplies

Oil futures turned higher Wednesday after the U.S. Energy Information Administration reported a surprise decline in weekly supplies of crude oil. Crude inventories fell by 800,000 barrels for the week ended Feb. 5. The American Petroleum Institute on Tuesday reported a 2.4 million-barrel increase, according to sources. Analysts polled by Platts expected a rise of 3.2 million. Gasoline and distillate supplies each climbed by 1.3 million barrels, the EIA said. March crude was at $28.58 a barrel on the New York Mercantile Exchange, up 64 cents, or 2.3%. Prices traded at $28.09 before the data.

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