Crude fluctuates on U.S. consumer confidence report, Saudi Price Concern
Baku, April 26 (AZERTAC). Oil fluctuated as U.S. consumer confidence increased more than forecast in April, a sign demand may improve, and after the head of Saudi Arabia`s national oil company said the kingdom isn`t comfortable with current prices.
Crude swung between gains and losses after the Conference Board reported its confidence index rose as six straight months of job growth helped sustain consumer purchases in March. Khalid al-Falih, chief executive officer of Saudi Arabian Oil Co., said the world`s biggest oil exporter is concerned about the impact of prices on economic growth.
Oil for June delivery fell 16 cents to $112.12 a barrel at 11:43 a.m. on the New York Mercantile Exchange. Prices have gained 33 percent in the past year. Yesterday, futures touched $113.48, the highest intraday price since Sept. 22, 2008.
Brent crude for June settlement on the London-based ICE Futures Europe exchange climbed 29 cents to $123.95 a barrel.
The Conference Board`s confidence index increased to 65.4 from a revised 63.8 reading in March, figures from the New York- based private research group showed today. The median forecast of economists surveyed by Bloomberg News projected an advance to 64.5. The gain signaled the improving labor market is helping Americans weather rising fuel costs.
The Standard & Poor`s 500 Index rose above its highest closing level since June 2008 on positive earnings reports from companies including United Parcel Service Inc., Ford Motor Co. and 3M Co. The index gained 1.1 percent to 1,349.30. The Dow Jones Industrial Average advanced 122.26 points, or 1 percent, to 12,602.14.
U.S. Treasury Secretary Timothy Geithner said today that oil prices have become an obstacle to economic improvement.
Residential real estate prices dropped by the most in more than a year in February, a sign the U.S. housing market is struggling to stabilize, according to the S&P/Case-Shiller index of property values in 20 cities.
Other news in this section
