Crude Oil Ends Higher On Upbeat Data: Gains 2.3% For Week

(RTTNews) - U.S. crude oil ended higher Friday, tracking rising equity markets with prospects of strong demand for oil after some upbeat new home sales data from the U.S., notwithstanding a strong dollar. Investors also look ahead to the developments in Ukraine with the presidential election coming up this weekend.

For the week, crude oil futures gained about 2.3 percent.

A Commerce Department report on Friday showed new home sales in the U.S. rebounded strongly in April to come in above economist estimates, after having reported a steep drop in sales in the previous month. Yesterday, the National Association of Realtors said existing home sales rose more than expected in April, relieving some anxiety about the health of the U.S. housing market.

Light Sweet Crude Oil futures for July delivery, the most actively traded contract, gained $0.61 or 0.6 percent to close at $104.35 a barrel on the New York Mercantile Exchange Friday.

Crude prices for July delivery scaled a high of $104.50 a barrel intraday and a low of $103.64.

On Thursday, crude oil futures ended lower, snapping a four-day winning streak, on some mixed economic data out of the U.S. A bigger than expected rise in U.S. initial jobless claims dragged down oil prices. However, encouraging readings on U.S. and Chinese manufacturing activity and lingering concerns about supply disruption from Russia and Libya limited oil's downside.

The dollar index, which tracks the U.S. unit against six major currencies, traded at 80.39 on Friday, up from its previous close of 80.23 late Thursday in North American trade. The dollar scaled a high of 80.44 intraday and a low of 80.23.

The euro traded lower against the dollar at $1.3631 on Friday, as compared to its previous close of $1.3659 late Thursday in North America. The euro scaled a high of $1.3659 intraday and a low of $1.3616.

In economic news from the U.S., a report from the U.S. Commerce Department showed that new home sales jumped by a more than expected 6.4 percent to a seasonally adjusted annual rate of 433,000 in April, from the revised March rate of 407,000. Economists expected new home sales to climb to a rate of 420,000. The revised rate for March represents a substantial upward revision from the 384,000 originally reported, although it still represents a six-month low.

Confidence among German firms deteriorated more-than-expected to a five-month low in May, signaling growth may ease in the second quarter. Germany's economic growth rebounded in the first quarter as initially estimated, driven mostly by domestic demand, a report from Destatis showed Friday. The business confidence index fell to 110.4 in May from 111.2 in April, a monthly survey by Ifo Institute showed Friday. The score was forecast to drop to 110.9.