Oil Drops on U.S. Home Sales Data

The price of oil dropped after the government said sales of new homes in the U.S. cooled in December compared with a month earlier.

Benchmark oil fell 14 cents to $95.81 a barrel in morning trading on the New York Mercantile Exchange. It was up slightly before the release of the housing data.

The Commerce Department said new-home sales fell 7.3 percent last month to a seasonally adjusted annual rate of 369,000. That's down from November's rate, which was the fastest in two-and-a-half years. Still, sales for the entire year were the best since 2009.

Oil prices are still supported by investors' confident mood, reflected by rising indexes in global stock markets and gains by the euro against the dollar.

A weaker dollar makes crude cheaper -- and a more attractive investment -- for traders using other currencies. On Friday, the euro was up at $1.3463 from $1.3378 late Thursday in New York.

In the U.S., the average price at the gas pump rose a penny to $3.33 a gallon, up 4 cents from a week ago.

Brent crude, used to price international varieties of oil, was down 5 cents at $113.23 per barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

  • Wholesale gasoline rose 1 cent to $2.88 per gallon.
  • Natural gas fell 1 cent to $3.45 per 1,000 cubic feet.
  • Heating oil fell 2 cents to $3.06 a gallon.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2215962, ~/Articles/ArticleHandler.aspx, 12/20/2014 10:23:20 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement