Oil prices rose to a three-week high today, drawing support from improved US consumer confidence and further evidence of record levels of compliance by OPEC with its agreed output cuts.
US crude was trading 99 cents higher at $52.11 a barrel by 3.33pm, after hitting $52.37, the highest in about three weeks. London Brent was trading 83 cents up at $51.63.
A survey showed US consumers felt more confident about the economy in April than at any time since the September failure of Lehman Brothers.
Oil, which has collapsed from a record high of more than $147 last year, has recovered from a low of $32.40 in December and in April posted a third monthly gain of nearly 3%.
Still, weak oil demand in the near term and rising crude inventories in the US - now at their highest since 1990 - have slowed the pace.
Prices have recovered by more than 15% since the lows of last week. But prices have been caught in a narrow range between $48 and $52 this week.
$50 is also the level that many oil producers, including OPEC, are comfortable with.
