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Oil Rises on Reports from USA, Endangered by Stronger Dollar

May 28, 2013 at 21:35 by Vladimir Vyun

Crude oil rallied today as positive macroeconomic reports from the United States spurred hopes that the economy will grow, resulting in increased usage of fuel. The S&P/Case-Shiller Home Price Index grew 10.9 percent in March year-on-year, beating forecasts. The Conference Board consumer confidence index jumped from 69.0 in April to 76.2 in May, also exceeding expectations.

The good reports were not altogether positive for commodities even as they sparked risk appetite among traders. The positive data added to speculations that the Federal Reserve will trim its stimulating measures. Such talks boosted the US currency, putting pressure on raw materials priced in dollars.

Contract for delivery of WTI crude oil in July climbed $0.97 (1.03 percent) to $95.12 per barrel as of 21:32 GMT on NYMEX today. Futures on Brent crude added as much as $1.84 (1.79 percent) to $104.46 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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