US figures bolster oil prices

26 April 2010

Written by Kim Bardsley

Crude oil prices were up in electronic trading on the New York Mercantile Exchange this morning (April 26th) following the latest US manufacturing and home sales data.

Further signs of strengthening in the economy are expected tomorrow with the publication of consumer confidence figures for April and the latest Federal Reserve policy statement.

A Reuters poll shows widespread expectation that the Fed will keep interest rates near zero and restate its pledge to keep rates low for an "extended period".

Speaking to the news agency, Keiichi Sano, general manager of research for SCM Securities in Tokyo, commented: "There's a little more optimism in the market today, thanks to the good economic numbers that came out of the United States and the fact that Europe has reopened its airspace and the ash cloud problem is settling down."

By 02.38 Central Standard Time, crude was trading at $85.55 a barrel, up 43 cents, while heating oil prices were also on the rise.

Click here for a home heating oil quote