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Crude Oil Retains Strength amid Signs of Global Growth

January 29, 2013 at 19:28 by Vladimir Vyun

Crude oil advanced today as the US housing market was showing persistent signs of improvement, adding to signs of global economic growth. The Standard &Poor’s/Case Shiller Composite-20 House Price Index rose from 144.08 in October to 144.99 in November, growing 5.5 percent on an annual basis. The data from Europe was also good. The German consumer climate was stable this month as German consumers felt optimism. All in all, fundamentals remain supportive for fuel prices.

A negative influence may come from US inventories that continue to grow. Analysts estimated ahead of the official data that US stockpiles of crude expanded by 2.9 million barrels last week. The report of the Energy Information Administration will be released tomorrow.

March futures for delivery of WTI crude oil advanced $0.81 (0.84 percent) to $97.23 per barrel as of 19:23 GMT on NYMEX today. Contract for Brent crude went up $0.51 (0.45 percent) to $114.00 per barrel on ICE.

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