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| Version 3 | Version 4 |
|---|---|
| Oil prices dip on US housing data | Oil prices dip on US housing data |
| (about 5 hours later) | |
| Oil prices have dipped from a six-month high after weak housing data was released by the US Commerce Department. | Oil prices have dipped from a six-month high after weak housing data was released by the US Commerce Department. |
| Oil had earlier risen to $60.48 a barrel amid renewed hopes of a recovery in the US economy. | |
| US crude ended the day at $59.65, while London Brent crude lost early gains to settle at $58.92 a barrel. | |
| New US housing starts fell 12.8% in April to an annual rate of 458,000 units - the lowest on record, denting investors' new-found optimism. | |
| Oil prices have risen about 20% from $50 a barrel over the last three weeks as optimism about the state of the world economy has grown. | Oil prices have risen about 20% from $50 a barrel over the last three weeks as optimism about the state of the world economy has grown. |
| Oil has jumped from $32 a barrel in January, but it remains well below the record high of $147 touched last July. | Oil has jumped from $32 a barrel in January, but it remains well below the record high of $147 touched last July. |
| 'Stark reminder' | 'Stark reminder' |
| A strong US economy can benefit the price of oil - both because of increased domestic demand but also because it is a major export market for many countries. | A strong US economy can benefit the price of oil - both because of increased domestic demand but also because it is a major export market for many countries. |
| "The housing starts is kind of a stark reminder that there are still problems out there," said Phil Flynn at Alaron Trading. | "The housing starts is kind of a stark reminder that there are still problems out there," said Phil Flynn at Alaron Trading. |
| There are also continued fears that attacks on oil facilities in Nigeria could hit supplies. | There are also continued fears that attacks on oil facilities in Nigeria could hit supplies. |
| On Monday, oil prices rose after militants in Nigeria, Africa's leading oil producer, attacked two oil pipelines in the southern Niger Delta. | On Monday, oil prices rose after militants in Nigeria, Africa's leading oil producer, attacked two oil pipelines in the southern Niger Delta. |