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Oil prices creep up after US figures

Oil prices - Consumer confidence figures watched
Oil prices - Consumer confidence figures watched

World oil prices rose slightly this evening as traders digested figures showing rising consumer confidence in the United States, the biggest crude-consuming nation.

US crude rose 19 cents to $82.71 a barrel, while Brent crude added 18 cents to $83.72. Consumer confidence is seen as a pivotal indicator to the health of the US economy.

The US Department of Energy will publish its weekly snapshot of American crude oil reserves on Wednesday.

Oil had rallied on Monday as a weaker dollar had encouraged investor interest in dollar-denominated commodities, which become cheaper for buyers holding stronger foreign currencies.