Investing.com - Crude prices rose on Tuesday after
better-than-expected U.S. economic indicators hit the wire and
pointed to an improving economy that will demand more fuels and
energy going forward.
On the New York Mercantile Exchange, light sweet crude futures for
delivery in August traded up 0.19% at USD95.36 a barrel on Tuesday,
off from a session high of USD96.16 and up from an earlier session
low of USD94.61.
Data released earlier revealed that U.S. consumer confidence rose
to its highest level since January 2008 this month.
The Conference Board said its index of U.S. consumer confidence
rose to 81.4 from 74.3 in May, well above expectations for a
reading of 75.4.
In a separate report, the Commerce Department said U.S. orders for
durable goods rose 3.6% in May, outstripping expectations for a
Positive data from the housing market sent oil prices rising as
The Commerce Department said U.S. new home sales rose by 2.1% to
476,000 units in May, the highest level since July 2008 and well
above expectations for an increase of 1.3% to 462,000.
Home prices are on the rise as well.
The Standard & Poor's/Case-Shiller 20-city house price index
rose 12.1% in April from a year earlier, above expectations for a
U.S. home prices in March rose by 10.9%.
On the ICE Futures Exchange, Brent oil futures for August delivery
were up 0.25% at USD101.42 a barrel, up USD6.06 from its U.S.
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