Investing.com - Crude oil futures rose in U.S. trading on Tuesday after economic sentiment figures rose in Germany and across the broader eurozone as well.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at USD96.72 a barrel on Tuesday, up 0.71%, off from a session high of USD96.89 and up from an earlier session low of USD95.47.
Earlier Tuesday, the ZEW Centre for Economic Research reported that its index of German economic sentiment improved to 31.5 in January from 6.9 the previous month, far surpassing expectations for a rise to 12.0.
The news sent energy prices gaining as did similar data for the broader European economy.
A separate report showed that the ZEW index of eurozone economic sentiment jumped to 31.2 this month from 7.6 in December, compared with expectations for a reading of 14.0.
A Bank of Japan decision to roll out open-ended asset purchases beginning January of 2014 bolstered prices as well, though weak home sales data in the U.S. weighed on the growth-sensitive commodity.
In a report, the National Association of Realtors said that December existing home sales fell to 4.94 million units from 4.99 million in November, whose figure was revised down from 5.04 million.
Analysts had expected existing home sales to rise to 5.10 million last month.
Elsewhere on the ICE Futures Exchange, Brent oil futures for March delivery were up 0.60% at USD112.39 a barrel, up USD15.67 from its U.S. counterpart.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at USD96.72 a barrel on Tuesday, up 0.71%, off from a session high of USD96.89 and up from an earlier session low of USD95.47.
Earlier Tuesday, the ZEW Centre for Economic Research reported that its index of German economic sentiment improved to 31.5 in January from 6.9 the previous month, far surpassing expectations for a rise to 12.0.
The news sent energy prices gaining as did similar data for the broader European economy.
A separate report showed that the ZEW index of eurozone economic sentiment jumped to 31.2 this month from 7.6 in December, compared with expectations for a reading of 14.0.
A Bank of Japan decision to roll out open-ended asset purchases beginning January of 2014 bolstered prices as well, though weak home sales data in the U.S. weighed on the growth-sensitive commodity.
In a report, the National Association of Realtors said that December existing home sales fell to 4.94 million units from 4.99 million in November, whose figure was revised down from 5.04 million.
Analysts had expected existing home sales to rise to 5.10 million last month.
Elsewhere on the ICE Futures Exchange, Brent oil futures for March delivery were up 0.60% at USD112.39 a barrel, up USD15.67 from its U.S. counterpart.