Show Entire Article
Oil prices rose Monday as strong U.S. housing data pressured the dollar and lifted expectations an economic rebound will bolster fuel demand.
Sales of previously owned U.S. homes rose in October at a faster-than-expected pace to the highest in more than 2-1/2 years as buyers rushed to take advantage of a popular tax credit, according to a survey by the National Association of Realtors.
Oil markets have looked toward broad economic data this year for signs of an economic rebound that could boost flagging fuel demand.
U.S. light, sweet crude [ US@CL.1 73.6 
-0.15 (-0.20%) ] settled 9 cents higher at $77.56, off earlier highs of $79.92 a barrel. London Brent crude [ GB@IB.1 71.72 -0.41 (-0.57%) ] rose.
Further strength came as the positive economic data prompted investors sell the U.S. dollar for risker plays in equities and commodities. U.S. stock markets traded up, with the S&P 500 on track to snap a 3-day sell-off.
Investors have been buying into commodities in a bid to hedge against the dollar's weakness and to guard against concerns ultra-easy monetary policy could lead to a jump in inflation as the world's economy recovers.
Page 1 of 2 | Next PageShow Entire Article
More Top Stories