U.S. crude rose on Tuesday as bullish U.S. consumer data overshadowed ample global oil supplies and weak economic data in most countries that are major users.
Oil jumped by about $1 after an industry group reported that U.S. consumer confidence rose in August to its highest level since October 2007 on improved feelings about the current state of the economy, but later trimmed gains after failing to push through a resistance point at $94.35, analysts said. Yet both U.S. and Brent crude pared earlier gains, with Brent moving into negative territory after having risen 75 cents.
Brent crude was off 20 cents near $102 a barrel, after a gain of 36 cents the previous day. U.S. crude, or West Texas Intermediate (WTI), gained 51 cents to settle at $93.86 a barrel, off early highs above $94.
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