NYMEX Crude futures gain on rising house prices

26 March 2013 14:42  [Source: ICIS news]

LONDON (ICIS)--NYMEX light-sweet crude oil futures gained more than $1.00/bbl on Tuesday, driven by rising house prices in the US.

By 13:52 GMT, the front-month May WTI contract touched an intraday high at $95.88/bbl, a gain of $1.07/bbl compared with the settlement on Monday. The contract then edged lower to trade around $95.60/bbl.

At the same time, the front-month May ICE Brent contract was trading around $108.40/bbl, having touched an intraday high earlier at $108.49/bbl, a gain of 32 cents/bbl compared with the close on Monday.

US home prices increased by 8.10% in the year to January, the fastest rate of growth since June 2006. The positive data is in line with recent studies which indicate that the US economy is on the road to recovery.

By: Kawai Wong
+44 20 8652 3214

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