Crude price rises amid weak dollar

Crude prices climbed Tuesday as the U.S. dollar declined against most major currencies before the Federal Reserve concludes its two-day policy meeting on Wednesday.

The U.S. dollar declined on disappointing U.S. durable goods and home price data. A weaker greenback made the dollar-priced crude less expensive and more attractive for buyers holding other currencies.

U.S. Commerce Department said Tuesday that new orders for manufactured durable goods in September decreased 1.3 percent to 241.6 billion U.S. dollars, missing market forecast of a 0.5- percent increase.

U.S. home prices continued to rise in August, but at a slower pace, said S&P Dow Jones Indices in a report on Tuesday for its S& P/Case-Shiller Home Price Indices.

However, the rising consumer confidence in the United States helped support the crude prices. U.S. consumer confidence rebounded in October to hit the highest level in seven years, the New York-based research group Conference Board said Tuesday in a report.

Investment bank Barclays Tuesday cut its forecasts for Brent and New York crude prices of next year to 93 dollars and 85 dollars respectively.

Light, sweet crude for December delivery moved up 42 cents to settle at 81.42 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery gained 20 cents to close at 86.03 dollars a barrel.