Investing.com -New York-traded crude oil futures fell on Tuesday
on fears that emerging-market economies are cooling and will demand
less fuel and energy going forward.
On the New York Mercantile Exchange, West Texas Intermediate
crude for delivery in March traded at USD95.72 a barrel during
Asian trading, down 0.09%.
On Monday the New York-traded oil futures hit a session low of
USD95.63 a barrel and a high of USD95.80 a barrel. The March
contract settled at USD95.78 a barrel.
Nymex oil futures were likely to find support at USD93.66 a
barrel, the low from Jan. 20, and resistance at USD97.83 a barrel,
Meanwhile in the U.S., the Census Bureau reported earlier that
sales of new, single-family houses in December came in at a
seasonally adjusted annual rate of 414,000, missing market calls
for a 475,000 reading and also below November's revised figure of
445,000, which softened the dollar slightly.
The figure was still well above the December 2012 reading of
396,000, and the data also revealed that inventories remain lean
and prices continue rising, while harsh winter weather may have
affected sales in December as well.
Oil, however, fell on the news on concerns that even if the
housing sector continues to improve, building may be less robust
than once expected.
Elsewhere, on the ICE Futures Exchange in London, Brent oil
futures for March delivery were down 0.06% and trading at USD106.98
a barrel, while the spread between the Brent and U.S. crude
contracts stood at USD11.26 a barrel.
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