Oil prices rose on Tuesday in light trading ahead of the Christmas holiday, buoyed by positive U.S. economic indicators released overnight.
By 1:25 pm AEDT (2:25 am GMT) Brent crude futures added $0.38 or 0.5%, to US$73.01 per barrel, while U.S. West Texas Intermediate (WTI) crude gained $0.37 or 0.5%, reaching US$69.61 per barrel.
The rise in prices followed encouraging U.S. economic data, following higher U.S. new orders for capital goods, particularly machinery, highlighting strong industrial demand.
Additionally, new home sales rebounded, reinforcing the view that the U.S. economy is ending the year on a firm footing.
The United States remains the world's largest oil consumer, making its economic performance a critical factor for global oil markets.
In the near term, traders are awaiting key insights from U.S. crude oil and fuel inventory data, set to be released by the American Petroleum Institute later on Tuesday (Wednesday AEDT), to gauge the strength of domestic demand.
