Oil prices rise ahead of US durable goods data

Tuesday 26 March 2013 13.11
Analysts expect the US data to show a sharp increase in sales
Analysts expect the US data to show a sharp increase in sales

The price of oil has risen above $95 per barrel ahead economic data from the US that is expected to reflect a recovery in orders of durable goods.

Benchmark crude for May delivery was up 45 cents to $95.26 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange.

The contract rose $1.10 to finish at $94.81 a barrel on the Nymex yesterday.

The US Commerce Department will release data later today on February orders for factory-produced durable goods - items expected to last at least three years.

Analysts at Capital Economics said in a market commentary that they expect to see a "sharply" higher number.

The consensus forecast is that orders rose 3.7% after a 4.9% drop in January.

Brent crude, used to price many kinds of oil imported by US refineries, fell 17 cents to $108 a barrel on the ICE Futures exchange in London.