A Friday afternoon is no time for a breakout but oil is going to be in focus next week, especially if the US dollar continues to retreat. The big level to watch is $83.53.
If that breaks, we’re at the highest since November.
On the CPI front, year-over-year gasoline prices are now ticking higher in several US states, according to GasBuddy. If the Chinese and Indian economies get cooking, there’s a good case for commodity inflation and that will make the Fed’s job much tougher.