Crude oil traded near $77 a barrel in New York after rising on optimism fuel demand will increase amid improved prospects for an economic recovery in the US, the world's biggest energy consumer.
Oil gained 3.8% yesterday as a report showed sales of previously owned homes strengthened in December and the dollar weakened, spurring investors to buy raw materials as an alternative investment. Prices also climbed as US equities rose after profit at companies from Lexmark International Inc. to D.R. Horton Inc. topped estimates.
Crude oil for March delivery traded at $77.00 a barrel, down 23 cents, in electronic trading on the New York Mercantile Exchange at 10:21 a.m. Sydney time. Yesterday, the contract climbed $2.80 to $77.23 a barrel, the biggest single-session gain since Sept. 30.
Source & Full Article BloombergUTV
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