by pna.gov.ph
U.S. crude oil price fell on Tuesday as investors continued to concern about the global economic growth, but the Brent crude rose on geographic tension.
U.S. crude continued the falling trend after Monday's decline caused by worries about global economic growth.
Worries over Spain's financing problems and over the euro zone' s debt crisis also grew as thousands of Spanish demonstrators protested in Madrid against the new round of austerity measures that the government was preparing for the 2013 budget. The austerity measures are scheduled to be announced later this week.
Besides, the market was waiting for the inventories report from the Energy Information Administration, the statistical and analytical agency within the U.S. department of Energy.
But the Brent crude rose as the tension between the U.S. and Iran, the second largest oil exporter in the Organization of Petroleum Exporting Countries, tended to intensify and the dollar weakened.
After the U.S. Department of Treasury announced new sanctions against Iran's state-owned oil company on Monday, U.S. President Barack Obama on Tuesday said the United States will "do what we must" to prevent Iran from acquiring a nuclear weapon in a speech at the United Nations, adding fuel to tension between the two countries.
The dollar went down as European Central Bank President Mario Draghi defended the bank's bond-buying plan, pushing up the euro.
On the economic front, the Conference Board's consumer confidence index jumped to a 7-month high in September and U.S. home prices rose for the third straight month in a row in the same month.
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