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Crude up in Asia on strong US data

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(Globalpost/GlobalPost)

Oil prices rose in Asia Thursday, supported by better-than-expected US housing data and durable goods orders in the United States, analysts said.

New York's main contract, light sweet crude for delivery in April gained 40 cents to $93.16 a barrel and Brent North Sea crude for April delivery added 36 cents to $112.23.

"Crude edged up on the back of stronger economic data," IG Markets said in a report.

The National Association of Realtors said Wednesday that US pending home sales in January soared to their highest level in almost three years, a sign the market is well on the way to recovery.

Separately, official data also showed that durable goods orders -- stripping out volatile aircraft -- rose 1.9 percent in January, with capital goods orders even stronger.

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http://www.globalpost.com/dispatch/news/afp/130227/crude-asia-strong-us-data