// IP Marketing video - START// IP Marketing video - END

Oil prices rise after improved U.S. housing report

Oil prices rise after improved U.S. housing report

PanARMENIAN.Net - Crude prices rose Wednesday, April 24 as traders waded back into the oil market following a string of positive corporate earnings and an improved U.S. housing report, according to The Associated Press.

Benchmark oil for June delivery was up 45 cents to $89.63 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 1 cent to close at $89.18 a barrel on the Nymex on Tuesday.

Strong earnings pushed all three major Wall Street indexes — the Dow, the S&P 500 and the Nasdaq composite — higher Tuesday. Industry giants such as DuPont Co. and Lockheed Martin Corp. reported results that were better than analysts expected. Additionally, housing data showed that sales of new homes increased 1.5 percent in March.

The rise in housing demand is also helping to boost prices, which tend to make homeowners feel wealthier and encourage more spending. That could drive up consumption of energy and prices of fuel.

Investors are now waiting for the latest data on U.S. stockpiles of crude and refined products. Data for the week is expected to show an increase of 1.4 million barrels in crude oil stocks, according to a survey of analysts by Platts.

Brent crude, which is used to price oil used by many U.S. refiners, rose 45 cents to $100.59 a barrel on the ICE Futures exchange in London.

 Top stories
Mount Maymekh will become a skiing zone under a new project which will attract about $30 million in investments and create some 1600 jobs.
Armenia would become a rock-bottom option in the Eastern European region, maybe in the world, for citizenship through investment.
Cryptocurrency fever seems to have spread to the former Soviet republics with Armenia, the land of Mount Ararat, being one of them.
Armenia’s exports grew 25% in 2017 against 2016 to amount $2,242 billion overall, the National Statistical Service reveals.
Partner news