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Oil prices advance as U.S. consumer confidence rises

English.news.cn   2014-01-29 05:14:17

NEW YORK, Jan. 28 (Xinhua) -- Oil prices moved up Tuesday as U. S. consumer confidence rose for the second straight month in January.

The Conference Board said that its consumer confidence index stood at 80.7 in January, up from 77.5 in December. The U.S. consumer confidence appeared to be back on track and rising expectations suggest the economy may pick up some momentum in the months ahead.

Meanwhile, U.S. house prices posted a strong gain on a yearly basis in November, a leading measure of U.S. home prices showed Tuesday.

For the month of November, both the 10-City and 20-City Composites appreciated 13.8 percent and 13.7 percent year over year, respectively, bucking the trend in a traditionally weak winter season.

The better-than-expected economic data ignited expectation that fuel demand may grow in the world's leading consumer of oil.

The Federal Reserve started a two-day policy meeting Tuesday. Market expected that the Fed will reduce asset purchases by 10 billion U.S. dollars at this meeting, as U.S. economic activity is expanding at a moderate pace, and labor market conditions have shown further improvement.

Light, sweet crude for March delivery rose 1.69 dollars to settle at 97.41 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery gained 72 cents to close at 107.41 dollars a barrel.

Editor: Mu Xuequan
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