|
Crude oil prices trading in $76 to $77 range, markets up
Published on February 3, 2010 by oilprices · No CommentsWorld crude oil prices are trading around the $76 to $77 range a barrel Wednesday, after positive US home sales data and rising world stock markets aided momentum to the economic recovery.
US Light crude oil futures for March delivery is trading nearly three percent higher at $77.23 a barrel on the NYMEX, while in London Brent crude oil futures on the ICE futures exchange is trading three percent higher higher at $76.06 a barrel at 04.02 GMT on Wednesday.
Asian stocks advanced Wednesday, following on the heels of gains in US markets amid signs of strength in the beleaguered American housing sector. Trade was more subdued than on Wall Street, where major benchmarks rose for a second day to extend their rebound from last month’s slide. Oil prices eased after surging the day before, while the US dollar climbed against the euro and the yen.
Existing home sales in the US unexpectedly rose in December with the National Association of Realtors’ index for pending sales of previously owned homes increasing by 1% in December. This added to a batch of economic indicators recently that have proved more positive than anticipated.
“The bullish economic data of the last three trading days that began with US GDP growth Friday, strong manufacturing data and home sales attracted buying interest in industrial commodities, such as gasoline,” said Andy Lebow, senior vice-president for Energy with MF Global in New York.
Tags: crude oil prices, oil, oil prices, stock markets, trading, US, world