Oil prices increased on Wednesday as upbeat economic data and Fed's more confident tone in economic assessment offset a stronger dollar.
According to the latest minutes from the Federal Open Market Committee, the Fed expects the economy to grow between 2.8 percent to 3.5 percent this year. Meanwhile, a growth of 3.4 percent to 4. 5 percent is expected for next year and 2012.
The Commerce Department reported that construction of new homes and apartments rose 2.8 percent last month to a seasonally adjusted annual rate of 591,000 units. That was the highest level in six months and better than economists had expected, showing the real estate market was stabilizing.
Applications for building permits, which was considered as a good barometer of future activity, fell 4.9 percent, but that was after two months of large increases.
Meanwhile, a separate report from the Fed showed industrial production in the U.S. rose a better-than-expected 0.9 percent last month, indicating factories were leading the recovery.
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