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Crude prices rise as US home sales surge

business Updated: Apr 24, 2010 07:33 IST

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Crude prices rose above $85 per barrel Friday as strong sales of new homes in the US boosted investor confidence about an economic recovery.

The Commerce Department said that new home sales rose 27 per cent in March, rebounding from the previous month's record low and blowing past expectations. The data boosted the outlook for energy demand, Xinhua reported.

Crude prices also rose as the euro rebounded from one-year lows against the dollar after Greece sought to activate the financial aid package.

Light sweet crude for June delivery rose $1.42 to $85.12 a barrel on the New York Mercantile Exchange.

In London, ICE Brent crude for June rose $1.58, or 1.84 per cent, to $87.25 a barrel.