New home sales unexpected gain in July raises oil prices...

One of the reasons behind the jump in oil to $70.00 a barrel is the unexpected gain in July's new home sales numbers. New home sales also posted an unexpected gain in July, according to a government report Friday. The additional news that orders for U.S.-made manufactured goods surged more than expected in July, also contributed to restoring some of the good feeling about the economy and assuaging some of the fears that the economy was headed for a larger slump.