Oil edged higher above $82 a barrel today, extending a near 3% gain in the previous session, as bright US economic data spurred optimism about recovery in the world's largest energy consumer.
US consumer confidence rebounded in March while a closely watched housing index showed home prices rose in January for the eighth month in a row.
However, oil's gains were limited today by strength in the dollar, a survey showing OPEC crude output increased in March, and concerns about global oil demand. US crude for May delivery rose 13 cents to $82.30 a barrel, while Brent crude rose 8 cents to $81.25 in London.
Prices have traded in a range between $69 and $84 this quarter, touching $82.78 yesterday. Prices hit $83.95 a barrel in January, the highest since October 2008 at the peak of the financial crisis.
Meanwhile, oil producers and consumers gathered at the bi-annual International Energy Forum (IEF) this week plan to call for greater oil market stability and transparency as prices hold near levels OPEC members laud as 'perfect' for both groups.
OPEC would increase oil production if oil prices stayed 'too high' for a long time, OPEC delegates said today, indicating prices above $85 a barrel may be considered damaging to the world economy.
OPEC members with production targets have reduced compliance to just 50% in March with prices above $80 a barrel, a survey showed today.
