Oil rises on weaker dollar, blizzard

08:19, December 29, 2010      

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Crude prices rebounded on Tuesday as the U.S. dollar sank and a blizzard boosted heating oil demand.

The U.S. dollar index, which tracks the dollar performance against a basket of currencies, dipped on Tuesday as several U.S. economic data disappointed the market.

Hit by a surprisingly negative assessment of the jobs market, the Conference Board's consumer confidence index for December posted an unexpected decline, down nearly two points from November to 52.5.

U.S. home prices fell for a fourth straight month in October, pressured by a supply glut, home foreclosures and high unemployment, according to the Standard & Poor's/Case-Shiller report.

The blizzard that blanketed the U.S. East Coast helped lift heating oil demand.

Light, sweet crude for February delivery gained 49 cents to 91. 49 dollars a barrel on the New York Mercantile.

Source: Xinhua

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