West Texas Intermediate crude climbed for the first time in five days after U.S. consumer confidence rose to the highest level in more than five years while home prices advanced, signs that the economy and fuel use will grow.

Futures gained as much as 1.9 percent and equities surged as the Conference Board’s index of sentiment rose to 76.2 in May, the strongest level since February 2008. The S&P/Case-Shiller index of property values jumped 10.9 percent from March 2012, the biggest 12-month expansion since 2006. Saudi Arabia is content with the current oil-market balance, the kingdom’s petroleum minister said before OPEC members meet this week.

The confidence total from the Conference Board, a New York-based private research group, exceeded the highest estimate in a survey of economists. The median forecast called for an increase to 71.2.

The S&P/Case-Shiller housing index was projected to show a 10.2 percent advance, according to the median forecast of 30 economists.

WTI crude for July delivery rose $1.20, or 1.3 percent, to $95.35 a barrel at 11:03 a.m. on the New York Mercantile Exchange. The volume of all contracts traded was 5.4 percent above the 100-day average for this time of day. Floor trading was closed yesterday because of the Memorial Day holiday, and yesterday’s electronic transactions will be booked with today’s trades for settlement purposes.

Brent oil for July settlement increased $1.68, or 1.6 percent, to $104.30 a barrel on the ICE Futures Europe exchange. Volume for all contracts was 20 percent lower than the 100-day average. The European benchmark grade traded at an $8.95 premium to WTI.

The value of gold decreases, while the U.S. dollar exchange rate shows growth after strong consumer confidence data in the U.S..

According to the Conference Board, in May, the index of U.S. consumer confidence improved to 76.2 against 69 the previous month. Analysts had expected the result at 70.7.

At the same time, as shown by the results of recent studies, which were presented to the Federal Reserve Bank of Richmond, in the current month's index of manufacturing activity for the Richmond region increased slightly, but still remained below the zero mark. According to the report, in May, the index of manufacturing activity from the Federal Reserve Bank of Richmond rose to the level -2, from -6 in the previous month. It is worth noting that, according to the average forecast of most experts, the value of this index was to increase to +2. Recall that the index value below 0 indicates decreased activity, while rising above a given level involves increasing activity.

The cost of the June gold futures on COMEX today dropped to 1372.10 dollars an ounce.

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