Investing.com - Better-than-expected Chinese growth data and U.S. home sales figures pushed crude prices higher on Tuesday by fueling hopes that demand for the commodity may firmer than once anticipated.
In the New York Mercantile Exchange, West Texas Intermediate oil futures for delivery in December traded up 0.23% at $82.10 a barrel during U.S. trading, up from a session low of $81.77 a barrel and off a high of $83.25 a barrel.
The December contract settled down 0.18% at $81.91 a barrel on Monday.
Support for the commodity was seen at $80.78 a barrel, Monday's low, and resistance at $84.08 a barrel, last Thursday's high.
Chinese growth data came in strong enough to convince investors to go long on oil.
China’s economy grew at an annual rate of 7.3% in the three months to September, slightly higher than the 7.2% forecast by economists but still slower than the 7.5% rate recorded in the second quarter.
While it was the slowest rate of growth since the first quarter of 2009, the surprise on the upside convinced investors that the world's second-largest consumer of crude may not be cooling as fast as once feared.
Meanwhile in the U.S., the National Association of Realtors said that existing home sales increased 2.4% to 5.17 million units in September from 5.05 million in August.
Analysts had expected existing home sales to rise 1% to 5.10 million units in September, and the better-than-expected figure boosted demand for oil on hopes demand for the commodity will hold as the U.S. recovers and consumes more fuel and energy.
Separately, on the ICE Futures Exchange in London, Brent oil futures for December delivery were up 0.51% at US$85.84 a barrel, while the spread between Brent and U.S. crude contracts stood at $3.74.