Brent crude oil price dropped while still achieving the lowest level in more than eight months, helped by strong data on new home sales. Also contributed to the lower prices that high oil reduces the need for U.S. imports. Note that, according to a report from the Ministry of Commerce, sales of new homes fell in February by 4.6 percent to a seasonally adjusted to the level of 411,000 homes a year in January from a revised value of 431,000. Economists had expected new home sales will drop to 426 thousand from 437 thousand, which was originally reported in the previous month. The number of unsold homes in the U.S. in February corresponds to 4.4 months of sales. The number of new homes for sale recorded in the U.S. last month rose, signaling that builders are increasing the pace of construction to meet the growing demand. At the end of February, seasonally adjusted 152 thousand houses were presented for sale, which is the highest value since November 2011.

Nevertheless it, in spite of such data, the price of WTI crude oil rose while still achieving the highest level since February 19.

Economists also noted that housing data highlighted the contrasting state of the economy on both sides of the Atlantic, and the fact that the debt problems afflicting the eurozone, not resolved.

Meanwhile, market participants expect the data for commercial crude oil inventories in the U.S., which is forecast to increase by 1.1 million barrels last week.

May futures for U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 95.46 dollars per barrel.

May futures price of North Sea Brent crude oil mix fell 5 cents to $ 108.10 a barrel on the London Stock Exchange ICE Futures Europe.

Gold prices fell today, as demand for safe-haven on the decline after Cyprus had reached an agreement in respect of financial assistance, as well as the background of the European Central Bank has tried to allay concern that the rescue could have negative consequences for other countries the euro area.

While Cyprus deal with international lenders on how to close the second largest bank in the country in exchange for 10 million euros ($ 13 billion) rescue equipment has helped to remove the immediate risk of financial collapse, investors were concerned that this could create a new precedent in the restructuring of the banking sector in the eurozone.

Note that gold, which usually benefits from economic uncertainty, last week rose to a three-week high of $ 1,616.36 on fears about salvation Cyprus, but was unable to gain a foothold there, down to the last week's low of $ 1,589.49. However, the spot price of gold is still on the way to the first monthly increase since October of last year.

We add that the data released today also showed that the gold in the SPDR Gold remained at 1,221.26 tonnes as compared to the previous day. Note that this year's reserves in SPDR Gold Trust fell by almost 130 tons, after increasing by 96 tons in 2012.

Change % Change Last

Oil $94.54 -0.27 -0.28%