Investing.com - Crude oil futures rallied then sold off Tuesday, as the release of upbeat U.S. economic data lifted demand prior to profit takers knocking prices back into negative territory in U.S. afternoon trade
On the New York Mercantile Exchange, light sweet crude futures for delivery in November traded at USD91.16 a barrel during U.S. afternoon trade, down 0.84%.
Oil's gains came after the Conference Board said that its U.S. consumer confidence index rose to a seven-month high of 70.3 this month, compared to expectations for a reading of 63.0.
A separate report by Standard & Poor’s and Case-Shiller showed that house price inflation rose more-than-expected in July from a year earlier.
The S&P/CS House Price Index rose to a seasonally adjusted annual rate of 1.2% in July, the biggest 12-month advance since August 2010, compared to expectations for a 1.0% increase.
The dollar index, which tracks the performance of the U.S. dollar against a basket of six other major currencies, was up 0.14% to 79.69 following the release of the data.
A weaker dollar makes U.S. commodities less expensive for importers holding other currencies such as yen or euro.
Meanwhile, sentiment on the euro was boosted following comments by German Finance Minister Wolfgang Schauble, who said defending the single currency was "worth any effort".
Spain saw borrowing costs rise at an auction of short-term debt earlier, reflecting lingering uncertainty over whether Madrid will request a full scale sovereign bailout.
Earlier in the day, market sentiment was hit by German media reports that lawyers for the German central bank are examining the legality of the European Central Bank's bond purchasing program, setting the stage for a possible legal challenge.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for November delivery rallied 0.31% to trade at USD110.16 a barrel, with the spread between the Brent and crude contracts standing at USD17.81 a barrel.
On the New York Mercantile Exchange, light sweet crude futures for delivery in November traded at USD91.16 a barrel during U.S. afternoon trade, down 0.84%.
Oil's gains came after the Conference Board said that its U.S. consumer confidence index rose to a seven-month high of 70.3 this month, compared to expectations for a reading of 63.0.
A separate report by Standard & Poor’s and Case-Shiller showed that house price inflation rose more-than-expected in July from a year earlier.
The S&P/CS House Price Index rose to a seasonally adjusted annual rate of 1.2% in July, the biggest 12-month advance since August 2010, compared to expectations for a 1.0% increase.
The dollar index, which tracks the performance of the U.S. dollar against a basket of six other major currencies, was up 0.14% to 79.69 following the release of the data.
A weaker dollar makes U.S. commodities less expensive for importers holding other currencies such as yen or euro.
Meanwhile, sentiment on the euro was boosted following comments by German Finance Minister Wolfgang Schauble, who said defending the single currency was "worth any effort".
Spain saw borrowing costs rise at an auction of short-term debt earlier, reflecting lingering uncertainty over whether Madrid will request a full scale sovereign bailout.
Earlier in the day, market sentiment was hit by German media reports that lawyers for the German central bank are examining the legality of the European Central Bank's bond purchasing program, setting the stage for a possible legal challenge.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for November delivery rallied 0.31% to trade at USD110.16 a barrel, with the spread between the Brent and crude contracts standing at USD17.81 a barrel.