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Crude oil rallies sharply after U.S. data, OPEC meeting in focus
Published May 28, 2013 10:09AM ET
The U.S. is the world’s biggest oil consuming country, responsible for almost 22% of global oil demand.
On the New York Mercantile Exchange, light sweet crude futures for delivery in July traded at USD95.48 a barrel during U.S. morning trade, up 1.4% on the day.
New York-traded oil prices rose by as much as 1.7% earlier in the day to hit a session high of USD95.91 a barrel, the strongest level since May 22.
Nymex floor trading, which was closed for Monday’s U.S. Memorial Day holiday, will resume Tuesday.
U.S. consumer confidence rose more-than-expected in May, hitting the highest level since February 2008, industry data showed on Tuesday.
In a report, the Conference Board, a market research group said its index of consumer confidence rose to 76.2 in May from a reading of 69.0 in April, whose figure was revised up from 68.1.
Analysts had expected the index to rise to 71.0 in May.
The upbeat report came after data showed that U.S. house prices rose at the fastest pace in seven years in March from a year earlier.
In a report, Standard & Poor’s with Case-Shiller said its house price index rose at an annualized rate of 10.9% in March from a year earlier, above expectations for a 10.2% increase.
Meanwhile, market players looked ahead to a meeting of the Organization of the Petroleum Exporting Countries in Vienna later this week.
OPEC is forecast to keep its supply target unchanged on May 31.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for June delivery rose 1.8% to trade at USD104.48 a barrel, with the spread between the Brent and crude contracts standing at USD9.00 a barrel.
The gap between the contracts narrowed to the lowest level since January 2011 earlier in the month, amid an improving production outlook in the North Sea and indications of declining stockpiles at Cushing, Oklahoma, the delivery point for Nymex oil futures.
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