Oil slide and Home Sales Cheer

ShareCast - News you can use: "Wall Street started the week in bullish mood as oil prices eased following a weaker than feared Hurricane Rita, while better than expected US home sales last month also gave stocks a lift.

US November crude is currently trading down 55 cents at $63.64 a barrel as the Gulf of Mexico's major refineries and ports escaped the worst of the Rita's wrath.

A 2% rise in US home sales during August also gave stocks a boost, with the latest figures from the National Association of Realtors climbing to the second highest level ever.

Analysts had expected a moderate decline, but the report showed sales of previously owned homes came in at a seasonally adjusted 7.29m unit annual rate"
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