Oil prices that have been rising over the past week, have paused. Driven by a report showing rising US consumer confidence, oil prices in New York stroked US$75 for the first time in 10 months. Light, sweet crude for October delivery settled at US$74.3 a barrel on Nymex, after rising to as high as US$74.81 a barrel in intraday trading. Then they had a fall ahead of new inventory data in USA, and settled at US$72. Last week's data showed crude oil stockpiles falling by a surprising 8.4 million barrels, and some analysts expect a drop of more than one million barrels this week.
Consumer confidence is very closely tied to the US economy as 70% of the economy is driven by consumer spending.