Crude oil gains on improving U.S. economic indicators

A A A - 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 3.0% gain.

Positive data from the housing market sent oil prices rising as well.

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 10.6% increase.

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. counterpart. - offers an extensive set of professional tools for the Forex, Commodities, Futures and the Stock Market including real-time data streaming, a comprehensive economic calendar, as well as financial news and technical & fundamental analysis by in-house experts.
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This article appears in: Investing , Forex and Currencies

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