Oil Climbs as Home Prices in U.S. Increase: Report
Oil advanced as confidence among U.S. consumers and home prices climbed, signaling that economic growth in the world's biggest crude-consuming country will accelerate, Bloomberg reported.
Futures gained as much as 1.4%, the report said, after the Conference Board's index of consumer confidence rose to 70.3 in September, a seven-month high. The figure exceeded the most optimistic projection of economists surveyed by Bloomberg. The S&P/Case-Shiller index of property values in 20 cities increased 1.2% from July 2011. Crude fell in five of the past six days.
Crude oil for November delivery climbed 75 cents, or 0.8%, to $92.68 a barrel on the New York Mercantile Exchange. The contract gained as much as $1.27 to $93.20. Prices are up 16% from a year ago.
Brent for November settlement rose $1.07, or 1%, to $110.88 a barrel on the London-based ICE Futures Europe exchange. The European benchmark grade's premium to West Texas Intermediate was at $18.20, up from $17.88 yesterday.
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