Oil retreats on mixed reports

11:13, April 27, 2011      

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U.S. crude oil price fell slightly on Tuesday as economic reports came in mixed.

Oil price retreated for the second consecutive session on Tuesday, after surging strongly recently, but still held the 120 dollars a barrel level.

Home prices in 20 major U.S. cities declined 1.1 percent in February, according to the Case-Shiller home-price index released by Standard & Poor's, showing that the recovery of housing markets was still weak, which would hurt energy demands.

However, a separate report released Tuesday by the Conference Board showed that consumer confidence improved in April. The confidence index hit 65.4 in April, up from an upwardly revised 63. 8 in March.

Investors remained cautious as the Federal Reserve began a two- day session of monetary policy meeting on Tuesday, waiting for the U.S. central bank's further monetary policy decisions.

Light, sweet crude for June delivery fell 7 cents to settle at 112.21 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for June delivery last traded around 123.66 dollars a barrel.

Source: Xinhua
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