Crude prices gain on U.S. data, weaker U.S. dollar

12:39, June 16, 2010      

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Crude prices continued gains on Tuesday as the euro rose against the U.S. dollar while positive U. S. economic data boosted sentiment.

The euro strengthened against the dollar, rising above 1.23 dollars, which was favorable for the equities as investors regarded the 16-nation common currency as the barometer of confidence about European economy.

The Federal Reserve Bank of New York said its Empire State Manufacturing index rose to 19.6 in June from 19.1 in May, remaining solidly in positive growth territory.

Crude prices were also lifted by rising stock prices. All major indexes of the U.S. stocks rallied more than 2 percent while the Dow Jones industrial average was up more than 200 points.

Light, sweet crude for July delivery rose 1.82 dollars to settle at 76.94 dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude rose 1 dollar to settle at 76.20 dollars a barrel on the ICE futures exchange.

Source: Xinhua


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