Due to the bearish effect of traders getting rid of poor US housing prices and consumer confidence data, they have found support from the optimistic expectations of the long-term economic recovery prospects. Crude oil on the New York Mercantile Exchange (NYMEX) closed up $0.49, or 0.54%, to $91.49 a barrel on Tuesday.
On the 28th NYMEX February crude oil ** closed 49 cents, or 0.54%, to $ 91.49 a barrel.
ICE Brent crude oil ** rose 53 cents, or 0.6%, to close at 94.38 US dollars a barrel.
According to Gene McGillian, a brokerage of Tradition Energy, “Oil prices are still on the upward trend. The reason why we are able to get rid of the negative effects of housing prices and consumer confidence data is based on optimistic expectations of the future economic outlook.â€
As the stock market rose in light trading under the support of energy stocks, oil prices were also driven. The Dow Jones Industrial Average recently rose 31.18 points to 11,586.21 points. The low temperatures that swept the northern hemisphere and the snowstorms in winter also helped push up energy prices.
Underpinned by the robust expectations of the US economy, the crude oil market has shaken off the negative impact of the worse-than-expected two economic data.
The United States announced on Tuesday that the seasonally adjusted Standard & Poor's/Case-Shiller home price index fell about twice its forecast, marking the fourth straight month of decline, again confirming that the property market continues to struggle.
The monthly menstrual-adjusted S&P/Case-Shiller home price index fell by 1.0% from the previous month, and is expected to decline by 0.6%. After the September revision, it fell by 1.0%.
The U.S. Economic Advisory Council announced on Tuesday that the U.S. consumer confidence index was 52.5 in December, indicating that U.S. consumers are more cautious about the economic outlook.
However, despite the poor economic data released on Tuesday, crude oil market participants still believe that the long-term recovery of the global economy is optimistic.
The US Commodity Exchange Commission (CFTC) said on Monday that during the week ending December 21st, ** managers increased their net long position in NYMEX crude oil to a record high as oil prices rose slightly.
In the week ending December 21, the net long position held by the ** manager reached 194,304 contracts, which was higher than the 193,048 contracts for the week ended Dec. 14.
Earlier this month, as oil prices hit $90 a barrel for the first time in two years, speculators’ net long positions have increased by 25%.
Tuesday's trading volume was close to a two-year low. Investors will shift their focus to the crude oil and fuel oil inventory data that the US Department of Energy will announce later this week.
The EIA will be on Thursday 11a. m. EST announced weekly crude oil inventories in the United States, which was postponed one day due to the Christmas holidays.
Analysts surveyed by Dow Jones anticipate that by the week of December 24th, US crude oil inventories will be reduced by 2.8 million barrels, gasoline inventories will increase by 1.2 million barrels, and distillate stocks including heating oil and diesel will be reduced by 600,000 barrels.
In recent months, RBOB gasoline in January fell by 1.53 cents or 0.6% to US$2.4056 per gallon.
January heating oil ** closed up 0.77 cents, or 0.3%, to $2.5243 per gallon.
On the 28th NYMEX February crude oil ** closed 49 cents, or 0.54%, to $ 91.49 a barrel.
ICE Brent crude oil ** rose 53 cents, or 0.6%, to close at 94.38 US dollars a barrel.
According to Gene McGillian, a brokerage of Tradition Energy, “Oil prices are still on the upward trend. The reason why we are able to get rid of the negative effects of housing prices and consumer confidence data is based on optimistic expectations of the future economic outlook.â€
As the stock market rose in light trading under the support of energy stocks, oil prices were also driven. The Dow Jones Industrial Average recently rose 31.18 points to 11,586.21 points. The low temperatures that swept the northern hemisphere and the snowstorms in winter also helped push up energy prices.
Underpinned by the robust expectations of the US economy, the crude oil market has shaken off the negative impact of the worse-than-expected two economic data.
The United States announced on Tuesday that the seasonally adjusted Standard & Poor's/Case-Shiller home price index fell about twice its forecast, marking the fourth straight month of decline, again confirming that the property market continues to struggle.
The monthly menstrual-adjusted S&P/Case-Shiller home price index fell by 1.0% from the previous month, and is expected to decline by 0.6%. After the September revision, it fell by 1.0%.
The U.S. Economic Advisory Council announced on Tuesday that the U.S. consumer confidence index was 52.5 in December, indicating that U.S. consumers are more cautious about the economic outlook.
However, despite the poor economic data released on Tuesday, crude oil market participants still believe that the long-term recovery of the global economy is optimistic.
The US Commodity Exchange Commission (CFTC) said on Monday that during the week ending December 21st, ** managers increased their net long position in NYMEX crude oil to a record high as oil prices rose slightly.
In the week ending December 21, the net long position held by the ** manager reached 194,304 contracts, which was higher than the 193,048 contracts for the week ended Dec. 14.
Earlier this month, as oil prices hit $90 a barrel for the first time in two years, speculators’ net long positions have increased by 25%.
Tuesday's trading volume was close to a two-year low. Investors will shift their focus to the crude oil and fuel oil inventory data that the US Department of Energy will announce later this week.
The EIA will be on Thursday 11a. m. EST announced weekly crude oil inventories in the United States, which was postponed one day due to the Christmas holidays.
Analysts surveyed by Dow Jones anticipate that by the week of December 24th, US crude oil inventories will be reduced by 2.8 million barrels, gasoline inventories will increase by 1.2 million barrels, and distillate stocks including heating oil and diesel will be reduced by 600,000 barrels.
In recent months, RBOB gasoline in January fell by 1.53 cents or 0.6% to US$2.4056 per gallon.
January heating oil ** closed up 0.77 cents, or 0.3%, to $2.5243 per gallon.
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