Share

Oil up 2% on weaker dollar, home starts

New York - Oil climbed more than 2% Tuesday on a weaker dollar and an uptick in the US housing market.

Benchmark West Texas Intermediate crude for August delivery gained $2.12 to $98.05 per barrel in morning trading on the New York Mercantile Exchange. Brent crude, which is used to price many international oil varieties, gained $2.00 at $118.05 per barrel on the ICE Futures exchange.

Prices rose as the dollar dropped against the euro and other major currencies. Oil, which is priced in dollars, tends to rise as the dollar weakens and makes crude cheaper for investors holding foreign money.

Meanwhile, the Commerce Department said construction of new homes grew by 14.6% last month. The report said builders began work on a seasonally adjusted 629 000 homes in June. That's about half of what economists say are needed to sustain a healthy housing market. The increase was nevertheless taken as a hopeful sign for the battered industry.

In other Nymex trading for August contracts, heating oil added 4 cents at $3.1190 per gallon, while gasoline futures gained 5 cents at $3.1424 per gallon. Natural gas was virtually unchanged at $4.528 per 1 000 cubic feet.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.93
+0.0%
Rand - Pound
23.89
+0.0%
Rand - Euro
20.39
+0.2%
Rand - Aus dollar
12.33
+0.1%
Rand - Yen
0.13
+0.0%
Platinum
908.05
+1.2%
Palladium
1,014.94
+1.3%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders