Oil prices increase on economic data

Oil price gained Tuesday as U.S. economic data came in better than expected.A string of data released on Tuesday revealed that the U.S. housing market is continuing to improve. The S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, showed that average home prices rose 2.6 percent and 2.5 percent for the 10-City Composites and 20-City Composites from March to April, their record monthly gains. U.S. house price appreciation continued in April, rising 0.7 percent on a seasonally adjusted basis from the previous month, according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). Aside from house price gains, U.S. new home sales also rallied. Sales of new single-family houses in May added 2.1 percent from April to a seasonally adjusted annual rate of 476,000, the highest level since July 2008. New order for manufactured durable goods in May climbed 3.6 percent, the U.S. Commerce Department said. It's a fresh sign of a pickup in economic activity. Furthermore,U.S. consumer confidence in June climbed to the highest level in more than five years, said a survey released Tuesday by the research institute Conference Board. Traders are awaiting the weekly report on oil inventories due out Wednesday from the Energy Department. Light, sweet crude for August delivery climbed 14 cents, to settle at 95.32 dollars a barrel on the New York Mercantile Exchange. Brent for August delivery went up 10 cents, to close at 10126 dollars a barrel.