Oil jumps above 97 as US home prices rise and stocks chase

AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email by The Associated Press Posted Jan 29, 2013 2:46 pm MDT Oil jumps above $97 as US home prices rise and stocks chase records NEW YORK, N.Y. – The price of oil climbed above US$97 a barrel as home prices in the U.S. accelerated and stock markets resumed their rise toward record levels.Benchmark West Texas Intermediate crude for March delivery rose US$1, or 1 per cent, to US$97.44 a barrel around midday on the New York Mercantile Exchange. Oil hasn’t closed above US$97 in New York since Sept. 14.Oil is now up more than US$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. That added to evidence showing that the housing market is recovering and outweighed a separate report indicating that higher taxes and an uncertain economic picture are sapping consumers’ confidence.Those were the latest reports in a big week for U.S. economic indicators. The government will also this week release the latest numbers on weekly jobless claims, January unemployment and fourth-quarter growth. And the Federal Reserve’s policy committee is holding a two-day meeting that concludes on Wednesday.U.S. stocks are approaching record levels after a January rally that has pushed the Dow Jones industrial average 6.2 per cent higher this month. And the Standard & Poor’s 500 index is up 5.3 per cent, its highest level since December 2007.Brent crude, used to price international varieties of oil, rose 57 cents to US$114.05 a barrel on the ICE Futures exchange in London.In other energy futures trading on Nymex:— Wholesale gasoline rose 2 cents to US$2.96 per gallon (3.79 litres).— Natural gas lost 6 cents to US$3.25 per 1,000 cubic feet.— Heating oil gained 3 cents to US$3.09 a gallon.(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS.UN), (TSX:CVE)

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