Crude futures rebound as US stocks rally

February 25th, 2009 - 4:29 am ICT by IANS  

New York, Feb 25 (Xinhua) Crude oil prices rose Tuesday despite dim economic data as US stocks rallied from a 12-year low.
A report from the Standard & Poor’s Case-Shiller showed home prices tumbled by the sharpest annual rate on record in the fourth quarter and in December. Prices are now at levels not seen since the third quarter of 2003.

The New York-based Conference Board said Tuesday that its Consumer Confidence Index, which was down slightly in January, plummeted more than 12 points in February to 25 points, from the revised 37.4 last month.

However, Wall Street rallied Tuesday after Federal Reserve Chairman Ben Bernanke signaled that nationalisation of major banks was not at hand.

Light, sweet crude for April delivery rose by $1.52 to settle at $39.96 on the New York Mercantile Exchange.

Brent prices rose by $1.51 to settle at $42.50 dollars on the ICE Futures exchange in London.

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