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US oil price edges up

United States America,Business/Economy, Wed, 25 Apr 2012 IANS

New York, April 25 (IANS) The US crude oil price edged up Tuesday as market sentiment rose due to solid corporate earnings.


A weakening dollar, which dipped about 0.2 percent against a basket of currencies, also contributed to the price increase, Xinhua reported.


But the US economic data offered no support.


According to a closely-watched gauge, US home prices in most major cities hit new lows in February, suggesting a struggling situation in the housing industry.


Besides, the Conference Board's consumer confidence index slipped in April in a reflection of the softening general economy.


Investors were waiting for the inventories data due out Wednesday and the Federal Reserve's updates about the US economy following a two-day policy meeting.


Light, sweet crude for June delivery gained 44 cents, or 0.43 percent, to settle at $103.55 a barrel on the New York Mercantile Exchange. In London, Brent crude for June delivery declined slightly and last traded around $118 a barrel.


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