Strong durable goods report in USA props up oil prices

29-Jan-13
GLOBAL oil prices have staged a light rebound, reversing earlier losses after a strong durable goods report in USA shows that demand for long-lasting manufactured goods rose sharply in December led by a jump in commercial aircraft orders. Oil on the Nymex rose to US$96.4 a barrel, while Brent crude rose to US$113.4 a barrel on the ICE Futures exchange in London. Reports are to be released by the government on weekly jobless claims, unemployment and fourth-quarter growth. On the flip side, the number of pending home sales fell last month after hitting a 2 ½ year high in November. Prices were also tempered by comments from the head of the OPEC cartel saying that crude supplies are plentiful to meet demand in 2013.
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