Investing.com - Crude oil futures rose in U.S. trading on Tuesday after industry data revealed that U.S. home prices rose in line with expectations in November, though soft consumer confidence figures capped gains earlier.
Ongoing unrest in northern Africa bolstered prices as well.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at USD97.38 a barrel on Tuesday, up 0.97%, off from a session high of USD97.82 and up from an earlier session low of USD96.31.
The S&P/Case-Shiller home price index rose at an annualized rate of 5.5% in November from a year earlier, in line with market consensus.
Month-on-month, U.S. home prices rose 0.6% in November compared to expectations for a 0.7% increase, after rising by 0.7% in the preceding month.
The news sparked a rally in oil markets despite less-than-stellar U.S. consumer confidence numbers.
The Conference Board reported earlier that its index of U.S. consumer confidence fell to 58.6 in January from 66.7 in December, missing expectations for a decline to 64.0.
Meanwhile in Europe, the forward looking Gfk German Consumer Climate index, which forecasts consumer confidence, ticked up to 5.8 for February from an upwardly revised 5.7 in January.
Analysts were expecting the index to come in at 5.7 for February.
Elsewhere, geopolitical tensions continue to fester in Libya and Algeria, with rumblings of possible attacks on oil assets in Libya building in recent weeks.
Libya has been bolstering security measures at oil facilities along the Tunisian, Algerian and Niger borders.
Unrest in Egypt supported prices as well.
Elsewhere on the ICE Futures Exchange, Brent oil futures for March delivery were up 0.59% at USD114.16 a barrel, up USD16.78 from its U.S. counterpart.
Ongoing unrest in northern Africa bolstered prices as well.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at USD97.38 a barrel on Tuesday, up 0.97%, off from a session high of USD97.82 and up from an earlier session low of USD96.31.
The S&P/Case-Shiller home price index rose at an annualized rate of 5.5% in November from a year earlier, in line with market consensus.
Month-on-month, U.S. home prices rose 0.6% in November compared to expectations for a 0.7% increase, after rising by 0.7% in the preceding month.
The news sparked a rally in oil markets despite less-than-stellar U.S. consumer confidence numbers.
The Conference Board reported earlier that its index of U.S. consumer confidence fell to 58.6 in January from 66.7 in December, missing expectations for a decline to 64.0.
Meanwhile in Europe, the forward looking Gfk German Consumer Climate index, which forecasts consumer confidence, ticked up to 5.8 for February from an upwardly revised 5.7 in January.
Analysts were expecting the index to come in at 5.7 for February.
Elsewhere, geopolitical tensions continue to fester in Libya and Algeria, with rumblings of possible attacks on oil assets in Libya building in recent weeks.
Libya has been bolstering security measures at oil facilities along the Tunisian, Algerian and Niger borders.
Unrest in Egypt supported prices as well.
Elsewhere on the ICE Futures Exchange, Brent oil futures for March delivery were up 0.59% at USD114.16 a barrel, up USD16.78 from its U.S. counterpart.