Saturday, July 18, 2009

Crude Oil Rises More Than $1 After U.S. Housing Starts Climb

Crude oil rose more than $1 a barrel as construction of single family dwellings jumped by the most since 2004, a sign the worst of the recession may have passed. Oil increased after the Commerce Department reported that construction of single family homes climbed 14 percent in June. The report also showed that total housing starts rose to the highest since November. Futures tumbled to $32.40 a barrel in December, a four year low, as the economic contraction curbed demand, allowing stockpiles to grow.....Complete Story

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