Gains modest lift from better-than-expected reading on consumer confidence By Polya Lesova & Claudia Assis, MarketWatch NEW YORK (MarketWatch) -- Crude-oil futures moved slightly higher Tuesday, up 0.2% as cautious investors waited for the first round of the week's data on U.S. petroleum inventories. Crude for May delivery added 23 cents to stand at $82.38 on the New York Mercantile Exchange. Gains picked up a little momentum after a report showed U.S. consumers' confidence recovered in March, coming in ahead of expectations. See more on the Conference Board's latest data tracking consumer confidence. "Oil is looking for an excuse to go higher," said Richard Ross, technical analyst with Auerbach Grayson in New York. The crude contract had earlier hit an intraday high of $82.75. Other commodity markets, such as copper, have already seen breakouts, Ross said, adding that oil's "just waiting to follow suit." Weighing on oil, however, is an expected buildup in crude inventories for the week ended March 26, which would follow a larger-than-expected increase the previous week. The American Petroleum Institute, a Washington-based industry group, will report data on crude-oil inventory at 4:30 p.m. Eastern. The Energy Information Administration will release the government's figures Wednesday morning. Analysts polled by Platts expect an increase of 2.65 million barrels in weekly crude stockpiles. They also project drawdowns of 2 million barrels for gasoline and 1.2 million barrels for distillates. The EIA reported last week that crude inventories rose by 7.3 million barrels -- much bigger than analysts had anticipated. Oil prices gained nearly 3% on Monday, as the dollar weakened against the euro and investors grew more optimistic about the economic rebound.

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