Hopes of increased demand for crude sent oil prices higher on Tuesday with the March contract settling at the highest level since September.

Investors cheered further indication of an improving US economic outlook after Standard & Poor's Case-Shiller home-price index rose 5.5% from last year.

However crude briefly came off intra-day highs after a US consumer confidence report fell in January to its lowest level since November 2011.

The spotlight also turned to tensions in the Middle East, upcoming data on US stockpiles, a policy statement from the Federal Reserve and uncertain oil export capacity out of Cushing, Okla.

Crude oil for March delivery topped $97 a barrel, rising $1.13 to at $97.57 on the New York Mercantile Exchange.

Over on the ICE futures exchange Brent crude rose 88 cents to $114.22 a barrel.

Among precious metals gold bucked its recent losing streak on Tuesday, to log a 0.5% increase, after falling as much 2.4% in the last four sessions.

Gold futures for February delivery rose $7.90 to settle at $1,660.80 an ounce on the Comex division of the New York Mercantile Exchange.


CJ

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