Oil prices traded above the pivotal $91-a-barrel-level on Tuesday, hovering just below a 26-month high struck the previous session, as weakness in the dollar outweighed poor U.S. consumer confidence data. U.S. crude found early support as the dollar slipped against a basket of currencies, before giving back some gains following the release of economic data from the world's top consumer. American consumer confidence unexpectedly deteriorated in December, hurt by increasing worries about the job market, according to a private report released by the Conference Board. The data weighed on equities markets. Single-family home prices fell for a fourth straight month in October, pressured by a supply glut, home foreclosures and high unemployment, according to the Standard & Poor's/Case-Shiller composite index. U.S. crude for February delivery rose 39 cents to $91.39 a barrel by 12:33 p.m. (1733 GMT), a day after touching $91.88, the highest crude price since October 2008. In London, ICE Brent crude traded 41 cents higher at $94.26 a barrel. Copper and gold also found support from the weaker dollar, which tends to bolster commodities denominated in the greenback. The Chinese yuan rose after China announced a rate rise at the weekend as the world's second-largest oil consumer strives to slow down its economy.
