Wednesday, 2 Jun 2010

Crude Oil Rises on U.S Housing Data

Crude Oil rose today as equities rallied following the release of the U.S. pending home sales report which exceeded economists' expectations and boosting optimism as to the pace of the global economic recovery. The U.S pending home sales index rose 6%, exceeding economists' expectations.

Crude Oil for July delivery rose $1.06, or 1.5%, to $73.64 a barrel on the New York Mercantile Exchange.

The Yen fell the most in more than three weeks versus the USD after Prime Minister Yukio Hatoyama resigned. The Japanese currency fell against most of its major counterparts on speculation that the new leadership will pursue policies that may weaken the currency. The Euro remained low for the day as the sovereign debt crisis in the region continues to pressure the common currency.

Late Wednesday, the Dollar is at 92.16 Yen, up from 91.11 late Tuesday. The EUR is at 112.73 Yen, up from 111.44, and at $1.2239, from $1.2237. The Pound is at $1.4649, from $1.4647.