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Oil rises on U.S. earnings, EU economic signs

(Xinhua)

08:55, April 18, 2012

NEW YORK, April 17 (Xinhua) -- U.S. crude oil price rose on Tuesday on the country's better-than-expected earnings and positive economic signs in Europe.

A series of U.S. big companies including Coca-Cola, Goldman Sachs and Johnson & Johnson posted solid quarterly profits, which boosted the equities and bolstered investors' risk appetite.

In Europe, Germany's investor sentiment surprisingly rose for a fifth straight month, according to a survey. And Spain's bond auction met stronger demand than expected, indicating improving confidence in the finance health of the debt-burdened country.

Besides, the news that Seaway pipeline would be turned around toward the Gulf Coast in May still offered support to U.S. crude benchmark. The reversal was expected to ease a supply glut in Cushing, Oklahoma that had weighed on U.S. benchmark crude prices.

However, resumed talks over Iran nuclear program has pressured the more international supply-demand based Brent crude. The spread between Brent crude and New York crude narrowed.

Light, sweet crude for May delivery gained 1.27 dollars, or 1. 23 percent to settle at 104.20 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for May delivery traded flat and last traded around 118 dollars a barrel.

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