But in last month's trade report, there were no signs that demand for oil was on the decline.
That attitude could change dramatically if next Friday's trade report is a bad one.
The trade report is one of the Government's most erratic.
But it's well known that the monthly trade report can be misleading.
The trade report will be the market's next catalyst, he said.
Today's trade report showed a June deficit nearly $2 billion smaller than had been expected.
Paper companies with large export sales showed strength that was attributed to the foreign trade report.
A strong trade report is likely to strengthen the dollar on currency markets.
Markets The trade report helped bonds, stocks and the dollar.
To be sure, manufacturing executives found much to like in the new trade report.