Oil prices edged higher today after encouraging US consumer confidence data, as traders tracked news from a major energy summit in Cancun, Mexico.
New York's main contract, light sweet crude for delivery in May, was up 24 cents at $82.41 dollars a barrel. London's Brent North Sea crude for May rose 20 cents to $81.37.
The market moved higher after a closely watched survey revealed that US consumer confidence rebounded in March, reversing some of the pessimism seen the month before.
The Conference Board, a business research firm, said its consumer confidence index rose to 52.5 points in March from a revised 46.4 in February.
Oil spiked higher yesterday on the back of a weak US dollar, rising stock markets and economic recovery hopes, as well as concerns after deadly suicide attacks on the Moscow metro.
In Mexico, meanwhile, the world's biggest energy forum opens later today to urge oil producers and consumers to help prevent a repeat of the excessive price volatility witnessed during the global economic crisis.
The biennial International Energy Forum kicks off two days of talks concluding with the publication of a ministerial declaration tomorrow, which is set to call for joint action to moderate price volatility.
In the second half of 2008, supply concerns sent oil prices soaring to record highs above $147 before the severe global economic downturn sent them crashing back to just $32. Prices have since steadily recovered but continued to show some volatility.
The IEF will also be attended by OPEC, whose member nations, including Saudi Arabia, together pump about 40% of the world's crude.
Traders were also turning their attention towards the US Department of Energy's weekly US oil inventories report, due tomorrow, which will indicate the extent of demand in the world's largest energy consumer.
