US crude prices close flat before inventory report
New York - XINHUA
U.S. crude prices were little changed and ended flat Tuesday as investors were awaiting a crude inventory weekly report of the United States due out Wednesday.
Energy Information Administration (EIA), the Energy Department 's statistical arm, will release its weekly report covering U.S. crude supplies of last week, which will offer investors a clearer view of the American oil market.
Brent crude for December delivery increased 0.96 percent to close at 86.22 dollars a barrel Tuesday, supported mainly by upbeat data from China.
China's gross domestic product rose 7.3 percent in the third quarter from a year earlier, said the country's National Bureau of Statistics Tuesday, beating the earlier analysts' estimate of 7.2 percent, a sign that demand of fuel in the world's second-biggest oil consuming country remains strong.
On the economic front, U.S. existing home sales rebounded in September to their highest annual pace of the year, the National Association of Realtors said Tuesday.
Total existing home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co- ops, increased 2.4 percent to a seasonally adjusted annual rate of 5.17 million units in September from 5.05 million in August.
Light, sweet crude for November delivery moved up 10 cents to settle at 82.81 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery rose 82 cents to close at 86.22 dollars a barrel.