Date: Tuesday 20 Jul 2010
Crude oil futures settled higher on Monday, tracking gains on Wall Street despite a mixed day for economic data and company news.Crude for August delivery rose 53 cents to settle at $76.54 a barrel on the New
Crude has been moving in tandem with US equities for most of 2010 as investors try to gauge the rate of economic recovery.
Monday's US housing figures provided little cheer however. New data showed that home builders are increasingly pessimistic. The National Association of Home Builders/Wells Fargo housing market index fell to 14 in July from a downwardly revised 16 in the previous month.
Among corporate earnings shares in Halliburton surged after the company reported an 83% jump in second-quarter profits. However there was disappointment after the bell from IBM and Texas Instruments.
Oil remains in a trading range between $70 and $80 a barrel as investors assess signs of economic recovery. Last Wednesday oil touched a high of $78.15 a barrel but prices slipped at the end of the week after a weaker than expected consumer sentiment report and disappointing earnings.
Gold settled lower again on Monday amid easing inflation fears and as gains among equities cooled demand for safe haven investments. Gold for August delivery fell $6.30 to $1,181.9 an ounce on the Comex division of the New York Mercantile Exchange.Silver fell 25 cents to $17.54 an ounce while September palladium fell $4.70 at $443.9 an ounce.
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