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Brent crude oil price dropped while still achieving the lowest level in more than eight months, helped by strong data on new home sales. Also contributed to the lower prices that high oil reduces the need for U.S. imports. Note that, according to a report from the Ministry of Commerce, sales of new homes fell in February by 4.6 percent to a seasonally adjusted to the level of 411,000 homes a year in January from a revised value of 431,000. Economists had expected new home sales will drop to 426 thousand from 437 thousand, which was originally reported in the previous month. The number of unsold homes in the U.S. in February corresponds to 4.4 months of sales. The number of new homes for sale recorded in the U.S. last month rose, signaling that builders are increasing the pace of construction to meet the growing demand. At the end of February, seasonally adjusted 152 thousand houses were presented for sale, which is the highest value since November 2011.
Nevertheless it, in spite of such data, the price of WTI crude oil rose while still achieving the highest level since February 19.
Economists also noted that housing data highlighted the contrasting state of the economy on both sides of the Atlantic, and the fact that the debt problems afflicting the eurozone, not resolved.
Meanwhile, market participants expect the data for commercial crude oil inventories in the U.S., which is forecast to increase by 1.1 million barrels last week.
May futures for U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 95.46 dollars per barrel.
May futures price of North Sea Brent crude oil mix fell 5 cents to $ 108.10 a barrel on the London Stock Exchange ICE Futures Europe.
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