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Commodities: Crude stages late turnaround
Wed, 27th Jun 2012 06:12
Crude oil futures staged a last minute turnaround to finish modestly higher on Tuesday after a report said US home prices rose for first time since last autumn.
Crude oil for August delivery added 15 cents to settle at $79.36 a barrel on the New York Mercantile Exchange after spending most of the day in the red.
Futures tracked a late recovery among US equities as data showed house prices climbed 1.3% month-on-month in April and remained down 1.9% year-on-year.
In separate data the Conference Board consumer confidence index for the month of June fell to 62 points, below forecasts of 63 and compared to a reading of 64.4 for last month.
Otherwise trading was more cautious than usual ahead of Thursday's EU summit with leaders to discuss how to strengthen fiscal integration. The meeting comes amid fresh fears about the Eurozone debt crisis as Cyprus asked for financial aid and Spain formally asked for help for its banking system on Monday.
Traders also kept an eye on the progress of Tropical Storm Debby as it hits Florida's northern Gulf Coast.
Among precious metals gold futures fell in quieter than usual trading on Tuesday, giving back Monday's advance, ahead of the EU summit.
Gold for August delivery fell $13.50 to $1,574.90 an ounce on the Comex division of the New York Mercantile Exchange.
CJ
Crude oil for August delivery added 15 cents to settle at $79.36 a barrel on the New York Mercantile Exchange after spending most of the day in the red.
Futures tracked a late recovery among US equities as data showed house prices climbed 1.3% month-on-month in April and remained down 1.9% year-on-year.
In separate data the Conference Board consumer confidence index for the month of June fell to 62 points, below forecasts of 63 and compared to a reading of 64.4 for last month.
Otherwise trading was more cautious than usual ahead of Thursday's EU summit with leaders to discuss how to strengthen fiscal integration. The meeting comes amid fresh fears about the Eurozone debt crisis as Cyprus asked for financial aid and Spain formally asked for help for its banking system on Monday.
Traders also kept an eye on the progress of Tropical Storm Debby as it hits Florida's northern Gulf Coast.
Among precious metals gold futures fell in quieter than usual trading on Tuesday, giving back Monday's advance, ahead of the EU summit.
Gold for August delivery fell $13.50 to $1,574.90 an ounce on the Comex division of the New York Mercantile Exchange.
CJ
