Oil Rebounds on Improved Housing Data. Gold Breaks 1500

Oil prices rebounded as strong US housing data boosted market sentiment. Meanwhile, protests in Yemen escalated, reminding investors that tensions in the Arab world remained. OPEC members, Kuwait, the UAE and Iran, joined Saudi Arabia in saying there's no shortage of oil in the market. Yet, Iran's oil minister forecast oil prices to rise further by the end of the year. Gold broke above 1500 (new high: 1500.5) briefly before settling at 1495.1. Debt concerns continued to drive demand for the metal although Geithner assured there's no risk to US's AAA rating

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Oil Rebounds on Improved Housing Data. Gold Breaks 1500