LONDON (SHARECAST) - Crude oil prices closed higher on Tuesday in volatile trade as upbeat consumer confidence and housing data outweighed the rising dollar.
Crude for May delivery settled up 20 cents at $82.37 a barrel on the New York Mercantile Exchange. The contract hit a low of $81.77 and a high of $82.74 during the session.
Trading was fairly light ahead of the holiday weekend and before this week’s inventory data. The US Energy Information Administration publishes its figures later today.
Oil prices have been driven higher on hopes about the economic outlook following upbeat economic data. Friday’s latest US employment report is expected to reveal a positive number for the first time in over two years.
Gold prices moved lower on Tuesday while copper shrugged off the decline in metals to rise to a 19-month high. The firmer dollar diluted interested in the yellow metal, sending US old futures for May delivery down $5.80 to $1,104.50 an ounce.
Copper for May delivery rose 3 cents to settle at $3.56 a pound, after hitting a high of $3.57.
