Oil prices climb on economic data

Oil prices rose Tuesday on encouraging U.S. consumer confidence figure and housing prices. U.S. consumer confidence increased again in May to hit a five- year high, said a report by the research institute of Conference Board on Tuesday. The Conference Board Consumer Confidence Index rose to 76.2 from the revised up figure of 69.0 in April. The May reading marked the highest level since February 2008 and topped market estimates. U.S. home prices continued the upward trend in March, according to a report released on Tuesday by S&P Dow Jones Indices. The S&P/Case Shiller U.S. National Home Price Index recorded a 10.2 percent gain in the first quarter of 2013 over the first quarter of 2012. The 10-city and 20-city composite index increased by 10.3 percent and 10.9 percent respectively in March from a year earlier, and all 20 cities posted positive year-over-year. In the first quarter of 2013, the national composite rose by 1.2 percent. On the monthly basis, the 10- and 20-city composite indices both posted increases of 1.4 percent. The upbeat data signaled that the economy and fuel use of the world's largest oil consumption nation will continue to grow. Light, sweet crude for July delivery gained 86 cents, or 0.91 percent to settle at 95.01 dollars a barrel on the New York Mercantile Exchange. Brent for July delivery went up 1.59 dollars, or 1.55 percent to close at 104.23 dollars a barrel.