Investing.com - Crude prices rose on Tuesday after investors digested a mixed bag of U.S. indicators and determined the numbers reflected a more robust U.S. economy, though global supply concerns watered down gains.
In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in October traded up 0.56% at $93.87 a barrel during U.S. trading. New York-traded oil futures hit a session low of $93.34 a barrel and a high of $94.34 a barrel.
The October contract settled down 0.32% at $93.35 a barrel on Monday.
Nymex oil futures were likely to find support at $92.50 a barrel, Thursday's low, and resistance at $94.45 a barrel, Thursday's high.
U.S. economic indicators, though mixed, were strong enough to convince markets that the world's largest economy is gaining steam and will consume more fuel and energy going forward.
The U.S. Commerce Department reported earlier that total durable goods orders, which include transportation items, surged by 22.6% last month, blowing past expectations for an increase of 7.5%.
Orders for durable goods in June were revised up to a 2.7% gain from a previously reported increase of 1.7%.
However, core durable goods orders, excluding volatile transportation items, contracted 0.8% in July, confounding forecasts for a 0.5% gain. Core durable goods orders rose by 3% in June.
Separately, the Conference Board reported that its widely-watched consumer confidence index rose to 92.4 for August, the highest since October 2007, from 90.3 in July, whose figure was revised down from a previously reported 90.9.
Analysts expected the index to decline to 89.0 in August, and the report kept oil in positive territory despite the mixed signals involving long-lasting manufactured items.
Geopolitical tensions gave oil modest support.
On Monday, Ukraine said an armored column including 10 tanks entered from Russia as the government in Moscow unveiled plans to send a second convoy with humanitarian aid.
Still, trading was choppy, as supplies have moved normally out of Russia as well as out of Iraq, Libya and other crude-rich hotspots.
Markets continue to move on concerns that despite a more robust U.S. economy, global oil supplies far outsize demand.
Separately, on the ICE Futures Exchange in London, Brent oil futures for October delivery were flat at US$102.65 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$8.78 a barrel.