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Oil prices rose in Asia today, supported by better-than-expected housing data and durable goods orders in the United States, analysts said.
New York’s main contract, light sweet crude for delivery in April, gained 40 cents to $93.16 a barrel and Brent North Sea crude for April delivery added 36 cents to $112.23.
“Crude edged up on the back of stronger economic data,” IG Markets said in a report.
The National Association of Realtors had said yesterday that the US pending home sales in January soared to their highest level in almost three years, a sign the market is well on the way to recovery.
Separately, official data also showed that durable goods orders — stripping out volatile aircraft — rose 1.9 per cent in January, with capital goods orders even stronger.
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