Oil falls amid profit-taking in Asia
Published Jun 25, 2013 08:41PM ET
On the New York Mercantile Exchange, light, sweet crude futures for August delivery fell 0.23% to USD95.10 per barrel in Asian trading Tuesday after settling up 0.19% at USD95.36 a barrel on Tuesday in the U.S.
A strong batch of economic data from the U.S., the world’s largest oil consumer, helped boost crude a bit on Tuesday.
In U.S. economic news out Tuesday, the S&P/Case-Shiller Index of home prices in 20 U.S. metro areas rose 12.1% in April. The 10-city index gained 11.6%. All 20 cities were positive for the fourth straight month. Atlanta, Dallas, Detroit and Minneapolis had the largest year-over-year gains.
The Commerce Department said new home sales rose 2.1% to a seasonally adjusted annual rate of 476,000 units – the highest level in nearly five years. expected new home sales to rise to a 462,000-unit rate in May. Sales surged 29% year-over-year.
U.S. consumer confidence rose to 81.4 in June, easily beating the reading of 75 economists expected. The May reading was 74.3. The U.S. consumer is estimated to account for 70% of GDP in the world’s largest economy.
Oil also got a lift as Goldman Sachs, which has been noticeably bearish on gold, said oil prices will rise in the second half of this year as the global economy continues to improve. Falling production from OPEC members Iraq, Libya and Nigeria along with South Sudan, Sudan and Syria could also factor into upside for oil, according to Goldman.
Elsewhere, Brent futures for August delivery fell 0.12% to USD101.17 per barrel on the ICE Futures Exchange.
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Written By: Investing.com
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