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The price of crude oil rose above $77 a barrel Tuesday as the greenback weakened significantly, increasing the appeal of the dollar-denominated oil. Sustained hopes of a faster economic recovery in the US and concerns related to possible sanctions against Iran also helped buoy the prices. Crude oil for delivery in March settled $2.88 higher at $77.01 per barrel in the New York Mercantile Exchange, adding to last week's 4% gain.
Last week, the International Energy Agency and the US Energy Information Administration had upwardly revised their global oil demand growth forecasts for 2010.
But Friday, the US Energy Information Administration reported an increase of 2.42 million barrels in crude inventories in the week ended February 5, indicating a weaker demand during the week.
In a slightly encouraging report from the US housing sector, the National Association of Home Builders/Wells Fargo index of builder confidence rose to 17 in February, a two-point increase from the prior month. This was better than analysts' expectations for a rise to 16.
The New York Federal Reserve reported Tuesday its manufacturing index rose to 24.9 in February from 15.9 in the previous month, topping economists' expectations for an increase to 18.0.
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