Commodity Blog

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Crude Oil Rises for Third Day on Good US Housing Data

October 18, 2012 at 1:49 by Vladimir Vyun

Crude oil rallied for the third session on optimism, caused by very good US housing data. Housing starts jumped as much as 15 percent to 872,000 in September, the highest level since July 2008. That is compared to the median forecast of 770,000. Building permits advanced from 801,000 to 894,000 last month, also the record not seen since July 2008.

Optimism about Europe also helped crude. Traders hope that Spain will get an aid and Greece will remain in the eurozone. The situation in the region is important for oil prices as the European Union consumes about 16 percent of the global supply.

Crude oil (light sweet) was up from $92.19 to $92.51 per barrel on ICE yesterday.

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