Crude price rises on positive economic data

U.S. crude price advanced Tuesday as U.S. economic data came out better than expected.

New orders for manufactured durable goods in July skyrocketed 22.6 percent, boosted by a 318-percent surge in orders for commercial aircraft, the U.S. Commerce Department said Tuesday. The increase, the biggest since 1992, far exceeded analysts' expectations.

U.S. consumer confidence continued its rally in August, after reaching the highest level since October 2007 in July, the New York-based research group Conference Board said. The Conference Board Consumer Confidence Index climbed to 92.4 in August from 90. 3 in July, also beating market expectations.

Meanwhile, U.S. home prices continued to rise in June but at a slower pace, according to a survey released Tuesday by S&P Dow Jones Indices for its S&P/Case-Shiller Home Price Indices.

Another report by the Federal Housing Finance Agency showed that U.S. house prices rose 0.8 percent in the second quarter, representing the 12th consecutive quarterly price increase in the purchase-only, seasonally adjusted House Price Index.

Brent price retreated as geopolitical tensions in Ukraine eased. Russian President Vladimir Putin and his Ukrainian counterpart Petro Poroshenko on Tuesday held a bilateral meeting in the Belarusian capital of Minsk, the first one since the latter took office in May

Light, sweet crude for October delivery moved up 51 cents to settle at 93.86 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery lost 15 cents to close at 102.5 dollars a barrel.