Crude prices inclined faintly mainly due to today's retail sales cheerful data, knowing that sales inclined cheerfully and rose beyond the market expectations in February since spending across the country continues on supporting economical growth gradually despite the crucial high levels of unemployment.

In fact, the advance retail sales climbed to 0.3% and the retail sales less autos jumped to 0.8%, while the retail sales ex autos & gas rose to 0.3%, which could of course support higher production levels and help the demand on energy to rise.

However, this week EIA report showed that the U.S. commercial crude oil inventories increased only by 1.4 million barrels while that an increase of 1.9 million of barrels was forecasted from a prior increase of 4.1 million of barrels, having in mind that the gasoline inventories decreased by 2.9 million of barrels last week, indicating clearly that the demand on energy of the top oil consumer country is strengthening gradually.

In fact, the EIA report showed that the U.S. commercial crude oil inventories increased by 1.4 million barrels from the previous week. At 343.0 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year. Total motor gasoline inventories decreased by 2.9 million barrels last week, and are above the upper limit of the average range.

Whereas, both finished gasoline inventories and blending components inventories decreased last week. Distillate fuel inventories decreased by 2.2 million barrels, and are above the upper boundary of the average range for this time of year.

Furthermore the Organization of the Petroleum Exporting Countries stated that the median price of its OPEC Basket; which includes 12 crudes, declined on Thursday reaching $77.76 a barrel compared with $77.80 on Wednesday.

As a result, hopes are spread within the black gold market to have crude prices open at $82.34 a barrel recording a significant high of $83.16 per and a low of $81.83 along with a slight $0.23 shed witnessed throughout the oil contract, plus the S&P GSCI gained actually by 1.81 points to 528.35. For today's range and technical points click here.