Latest News:  


Oil slides on Italy uncertainty


08:50, February 27, 2013

NEW YORK, Feb. 26 (Xinhua) -- Crude prices dipped on Tuesday as worries over the European economy, triggered by Italy's inconclusive election, outweighed upbeat U.S. economic data.

There was no clear winning coalition in the Italian vote, and traders feared that the country might be unable to form a strong government and carry out effective reforms.

On the economic front, low mortgage rates and strong demand pushed U.S. home prices higher. The S&P/Case-Shiller Home Price Indices released on Tuesday showed that all three composites concluded the year of 2012 with strong gains.

The national composite price index posted an increase of 7.3 percent for 2012, while the 10-city and 20-city price indexes advanced 5.9 percent and 6.8 percent, respectively.

U.S. consumer sentiment also rebounded in February after a decline in January. The Conference Board Consumer Confidence Index reached 69.6 in February, as against 58.4 in January. The index for present situation increased to 63.3 from 56.2, while the expectations index improved to 73.8 from 59.9.

The report showed that consumers were more optimistic about the short-term outlook this month, as those expecting business conditions to improve over the next six months increased to 18.9 percent from 15.6 percent.

Light, sweet crude for April delivery lost 0.48 dollars, or 0. 52 percent, to settle at 92.63 dollars a barrel on the New York Mercantile Exchange. Brent crude for April delivery fell sharply by 1.73 dollars, or 1.51 percent, to close at 112.71 dollars a barrel.

We recommend:

Keeping the brand full of beans

Companies struggle to find, keep workers

Shares crumble as result of housing curbs

Liquor makers fined 449m yuan for price monopoly

Tougher fuel standards take form

Movie-themed fortunes 'never guaranteed'

Email|Print|Comments(Editor:HuangBeibei、Liang Jun)

Related Reading

Leave your comment0 comments

  1. Name


Selections for you

  1. Seaplanes of North Sea Fleet in training

  2. Highlights of 'Xuzhou' guided missile frigate

  3. The world in photos (2013.02.17-02.23)

  4. Chilly run gets blood pumping

  5. China's weekly story (2013.2.16-2.22)

  6. 'Chinese style' during Spring Festival

  7. One Hundred Years of Oscar

  8. Review Spring Festival celebrations

  9. IKEA stops selling meatballs for horsemeat

  10. Output growth hits 4-month low, says HSBC

Most Popular


  1. Peaceful development important in cross-Straits ties
  2. "China threat" theory still exists despite Nexen deal
  3. Cross-Straits relations 'will be boosted'
  4. China 'firmly supports' BRICS
  5. Water quality a concern
  6. Kerry aims high in maiden foreign trip
  7. Open communication for Peninsula peace
  8. Spring Festival offers window into China
  9. Fatter red envelopes miss point of tradition
  10. Opportunities amid challenges

What’s happening in China

China's 'leftover women' phenomenon arouses heated debate in West

  1. Man in HIV nightmare after one-night stand
  2. AIDS patients get help in Anhui
  3. Excessive rural school mergers halted
  4. System to reduce dropouts, school closures
  5. China's rural poor population declines