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Oil rose in New York after falling five out of the past six days as U.S. home prices climbed more than forecast in July, signaling that the economy of the world’s biggest crude-consuming country is rebounding.
Futures advanced as the S&P/Case- Shiller index of property values in 20 cities increased 1.2 percent from July 2011, the biggest 12-month advance since August 2010. The median forecast of economists called for a 1.05 percent gain. The Conference Board’s index of consumer confidence probably increased to 63.2 in September from 60.6 in August, a separate poll showed.
Prices also rose after Fars, Iran’s state-run news agency, reported that Iran fired four missiles in the Persian Gulf as part of a war game. Iranian President Mahmoud Ahmadinejad said in a U.S. television interview yesterday that his nation will defend itself if attacked by Israel.
The Guards will hold a military exercise in the Strait of Hormuz before the end of the Iranian calendar year on March 20.
U.S. crude supplies probably rose last week for the longest run of increases since May, according to a Bloomberg survey before an Energy Department report tomorrow. The American Petroleum Institute will release separate inventory data today.
October futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX is now $ 92.67 per barrel.
November futures price of North Sea Brent crude oil mix is now $ 111.04 a barrel on the ICE Futures Europe Exchange.
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