Investing.com - Crude oil futures rose in U.S. trading on Tuesday on stronger-than-expected data out of the European service sector coupled with reports that U.S. budget deficit estimates have fallen below USD1 trillion.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at USD96.88 a barrel on Tuesday, up 0.74%, off from a session high of USD97.07 and up from an earlier session low of USD95.91.
The U.S. Congressional Budget Office reported earlier that the federal budget deficit should hit USD845 billion this year, the first time since President Barack Obama came to office that the figure didn't exceed USD1 trillion.
The news was positive for oil prices as wer European service-sector data.
The Markit eurozone services purchasing managers’ index rose to 48.6 in January, beating market expectations for a reading of 48.3.
Elsewhere, the European Central Bank is scheduled to meet later this week to analyze monetary policy, and expectations that policymakers will make no changes bolstered demand for oil.
Soft U.S. service-sector data and weakening European retail sales figures offset crude's gains.
Eurozone retail sales dropped 0.8% in December, worse than market calls for a 0.5% contraction.
In the U.S. earlier, the Institute of Supply Management reported that its non-manufacturing purchasing managers' index fell to 55.2 in January from 55.7 in December, in line with expectations.
Elsewhere on the ICE Futures Exchange, Brent oil futures for March delivery were down 1.28% at USD117.08 a barrel, up USD20.20 from its U.S. counterpart.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at USD96.88 a barrel on Tuesday, up 0.74%, off from a session high of USD97.07 and up from an earlier session low of USD95.91.
The U.S. Congressional Budget Office reported earlier that the federal budget deficit should hit USD845 billion this year, the first time since President Barack Obama came to office that the figure didn't exceed USD1 trillion.
The news was positive for oil prices as wer European service-sector data.
The Markit eurozone services purchasing managers’ index rose to 48.6 in January, beating market expectations for a reading of 48.3.
Elsewhere, the European Central Bank is scheduled to meet later this week to analyze monetary policy, and expectations that policymakers will make no changes bolstered demand for oil.
Soft U.S. service-sector data and weakening European retail sales figures offset crude's gains.
Eurozone retail sales dropped 0.8% in December, worse than market calls for a 0.5% contraction.
In the U.S. earlier, the Institute of Supply Management reported that its non-manufacturing purchasing managers' index fell to 55.2 in January from 55.7 in December, in line with expectations.
Elsewhere on the ICE Futures Exchange, Brent oil futures for March delivery were down 1.28% at USD117.08 a barrel, up USD20.20 from its U.S. counterpart.