Bloomberg Oil Is Steady as Existing U.S. Home Sales Rise, Dollar Gains

April 22 (Bloomberg) -- Crude oil was little changed as increasing sales of existing U.S. homes signaled that the economy of the world’s biggest energy-consuming country is rebounding and the rising dollar curbed demand for commodities.

Oil strengthened after the National Association of Realtors said that home purchases advanced 6.8 percent to a 5.35 million annual rate and a government report showed new applications for jobless benefits dropped. The euro fell against the greenback after the European Union said Greece’s budget deficit last year was worse than forecast.

“Every bit of positive economic news boosts the case for buying oil,” said Carl Larry, president of Oil Outlooks & Opinions LLC in Houston. “Investment money and the funds are looking at every dip as a buying opportunity. As the world economy grows, demand for oil is sure to grow.”

Crude oil for June delivery rose 2 cents to settle at $83.70 a barrel on the New York Mercantile Exchange. Prices climbed as much as 0.5 percent to $84.07 and dropped to $81.73 today. Futures are up 5.5 percent this year and 71 percent from a year earlier. more...