Oil prices rose above $50 a barrel on Friday on news of a rebound in US consumer confidence and better-than-expected quarterly earnings. However, a nearly 19-year high in crude oil inventories, a stronger dollar and continuing worries about the economic outlook kept a cap on prices. US crude oil futures settled at $50.33, 35 cents higher. ICE Brent crude settled at $53.35, up 29 cents. “You've got two forces kind of battling and we're basically just stuck here around $50,” said Tom Bentz, senior commodity analyst at BNP Paribas Commodity Futures Inc in New York. “Some of the more positive results from Citigroup and General Electric are giving optimism that maybe things are turning around and that is helping to bolster buying in crude.” Oil was also buoyed by a survey showing that US consumer confidence rebounded in April to the highest levels since September. Prices climbed as high as $51.37 before optimism that the economy was recovering was tempered by comments from Citigroup that consumer credit deterioration continues to be a concern.
