Crude oil continues to trade at a five-week high above the $96.00 level after upbeat U.S. data signaled growth is strengthening in the world’s biggest crude consumer, improving the outlook for demand. Orders for U.S. durable goods surged last month and home prices posted their biggest year-on-year advance in six years, suggesting that growth in the U.S. is gaining momentum in this year’s first quarter, overshadowing the drop in consumer confidence.
Worries about the eurozone’s financial condition, continue to weigh heavy. Investors fear that the strict conditions on the rescue plan for Cyprus would provide a framework for resolving future eurozone banking crises.
- Crude oil is trading around the $96.12 a barrel level compared with the opening at $96.14, while the highest is at $96.24 and the lowest is at $96.03
- Brent is trading around $109.32 a barrel after falling 0.04% or $0.04
Data from the American Petroleum Institute (API) on Tuesday showed U.S. crude oil inventories rose 3.7 million barrels last week, much higher than expected. Gasoline inventories fell 2 million barrels, while distillates fell 1.9 million barrels.
Markets will closely watch out for the U.S. Energy Information Administration (EIA) report that may show a gain of 1.3 million barrels in stockpiles, Germany’s consumer confidence, UK’s GDP, eurozone’s business climate, Canada’s CPI and the U.S.’s pending home sales.
- Natural gas is trading at $4.002 per cubic feet after rising 0.28%
- Heating oil is trading at $2.8851 a gallon after rising 0.13%
- Gasoline is trading at $3.115 a gallon after rising 0.14%