crude oil for July delivery is bit higher

[gnutrade.satya]

When a data showed that US pending home sales rose, this news boosted optimism about economic recovery and also lifted equities and this in turn took Oil prices to a firm note. Richard Ilczyszyn, senior market strategist at Lind-Waldock in Chicago said: "The pending home sales helped the stock market and oil."
Commerzbank analyst Eugen Weinberg said: "Equities are recovering some of their losses. It will be very important to see what equities are doing as they have been an indicator for the level of risk aversion in the market."
Christophe Barret at Credit Agricole CIB said: "We could have some stability. The current level takes into account the fact that the recovery appears to be slowing but also the fact that we are not going to have a double dip."
A barrel of crude oil for July delivery now costs 28 cents higher to $72.86.