Crude oil prices strengthen past US$80 despite disappointing economic data from US

Light, sweet crude for September delivery rose by over one dollar to US$82.5 on the Nymex, while Brent crude on the ICE futures exchange rose to US$82.6. Despite disappointing U.S. economic data, crude oil futures have strengthened, rising above US$82 a barrel – its highest settlement since May. A weaker US dollar has supported the rise, amid expectation that supplies will decrease due to the effect of a tropical storm in the Gulf of Mexico last month. Data from the US housing market and manufacturing sector suggested a slow down in the US economy, bringing down the US stock market and other commodity prices. The National Association of Realtors' index for pending sales of used homes decreased 2.6% to 75.7 in June, compared with consensus estimates of no change from May. The drop comes as a federal government subsidy for home buyers was removed. US factory orders fell by 1.2% in June.
  More News  Post Your Comment

Previous News

Next News

{{comment.Name}} made a post.




There are no comments to display. Be the first one to comment!


Name Required.


Email Id Required.

Email Id Not Valid.


Mobile Required.

Email ID and Mobile Number are kept private and will not be shown publicly.

Message Required.

Click to Change image  Refresh Captcha