MW: Oil drops below $98 a barrel after housing data
By Claudia Assis
SAN FRANCISCO (MarketWatch) -- Crude-oil futures on Tuesday dropped as much 1.3% after the Commerce Department reported sales of new single-family homes fell 1% in June to an annual rate of 312,000, below market expectations. Oil cut down on losses shortly after, however, as positive consumer-confidence data released at the same time provided some support. Crude for September delivery CL1U -1.10% declined 95 cents, or 1%, to $98.26 a barrel on the New York Mercantile Exchange. New-home purchases in the Northeast dropped to the lowest level on record. Economists surveyed by MarketWatch had expected sales to increase to an annual rate of 325,000. The Conference Board, meanwhile, reported consumer confidence rose to 59.5 in July from 57.6 in June.
