oil jumps on us home price data
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
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Oil jumps on US home price data

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Arab Today, arab today Oil jumps on US home price data

New York - QNA

he price of oil climbed above $97 a barrel as home prices in the U.S. accelerated and stock markets resumed their rise toward record levels. Benchmark oil for March delivery rose $1, or 1 percent, to $97.44 a barrel around midday on the New York Mercantile Exchange. Oil hasn't closed above $97 in New York since Sept. 14. Oil is now up more than $5 a barrel this year. Signs of improvement in the global economy are driving the increase in oil prices. A report Tuesday showed U.S. home prices in November had the biggest year-over-year increase in six years. Brent crude, used to price international varieties of oil, rose 57 cents to $114.05 a barrel on the ICE Futures exchange in London.

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