Oil prices rose over $50 a barrel today on news of a rebound in U.S. consumer confidence and better-than-expected quarterly earnings, Reuters reported. 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. U.S. crude oil futures were 65 cents higher at $50.63 a barrel by 2:13 p.m. EDT (1813 GMT). ICE Brent crude rose 34 cents to $53.40. "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." Citigroup and General Electric reported better-than-expected earnings for the first quarter of 2009. Prices climbed as high as $51.37 before optimism of an economic recovery was tempered by comments from Citigroup that consumer credit deterioration continues to be a concern.
