NEW YORK, July 17 - Oil prices extended its rally to end above 63 U.S. dollars a barrel on Friday as data showed positive signs in most-battered housing and banking sectors.
Light, sweet crude for August delivery rose 1.54 dollars, or 2.5 percent, to settle at 63.56 dollars a barrel on the New York Mercantile Exchange, wrapping up the week with a 6 percent jump, partially reversing its 10 percent plunge last week.
Oil's gains came after the Commerce Department's announcement on Friday that new homes and apartments unexpectedly jumped by 3.6percent in June to the highest level in seven months, indicating the recession-strained sector may be beginning to recover.
Meanwhile, Citigroup Friday reported an unexpected profit of 3 billion dollars for the second quarter, compared with a 2.86-billion-dollar loss during the same period last year.
In London, Brent crude for September delivery rose 1.6 dollars to 65.35 dollars a barrel on the ICE Futures exchange.
Light, sweet crude for August delivery rose 1.54 dollars, or 2.5 percent, to settle at 63.56 dollars a barrel on the New York Mercantile Exchange, wrapping up the week with a 6 percent jump, partially reversing its 10 percent plunge last week.
Oil's gains came after the Commerce Department's announcement on Friday that new homes and apartments unexpectedly jumped by 3.6percent in June to the highest level in seven months, indicating the recession-strained sector may be beginning to recover.
Meanwhile, Citigroup Friday reported an unexpected profit of 3 billion dollars for the second quarter, compared with a 2.86-billion-dollar loss during the same period last year.
In London, Brent crude for September delivery rose 1.6 dollars to 65.35 dollars a barrel on the ICE Futures exchange.
