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Oil prices retreat on stronger U.S. dollar

English.news.cn   2014-01-01 05:34:36            

NEW YORK, Dec. 31 (Xinhua) -- Oil prices on Tuesday dropped for a second day as the U.S. dollar rallied against other currencies in light trading conditions. For the whole year of 2013, the U.S. crude gained 7.2 percent while Brent crude lost 0.3 percent.

The U.S. dollar was boosted by upbeat economic data released Tuesday. The gain in the U.S. currency triggered the drop in oil prices. A stronger dollar reduced oil's investment appeal to traders using other currencies.

On the economic front, U.S. home prices continued to rise in October, according to a report released Tuesday by S&P Dow Jones Indices for its S&P/Case-Shiller Home Price Indices.

Data showed the 10-City and 20-City Composites posted year-over- year gains of 13.6 percent, their highest gain since February 2006 and the seventeenth consecutive month that both Composites increased on an annual basis.

Meantime, U.S. consumer confidence rebounded more than expected in December, standing at 78.1 up from an upwardly revised level of 72.0 in November, the New York-based research organization Conference Board said in a report released Tuesday. The index also surpassed market expectations.

The U.S. 10-year Treasury note yield topped 3 percent on Tuesday, signaling improvement in U.S. economy and the Federal Reserve will withdraw stimulus steadily.

The Energy Information Administration (EIA), the Energy Department's statistical arm, Friday will release its report covering U.S. crude supplies of the week ended Dec. 27.

Analysts expected that the government report may show a fifth weekly drop of 2.9 million barrels in U.S. crude inventories.

Light, sweet crude for February delivery lost 87 cents to settle at 98.42 U.S. dollars a barrel on the New York Mercantile Exchange,while Brent crude for February delivery decreased 41 cents to close at 110.8 dollars a barrel.

Editor: Mengjie
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