Crude rose earlier after better-than-expected housing and consumer confidence figures in the U.S. sparked a buying spree, with investors optimistic over the pace of U.S. recovery.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in November traded at USD90.94 a barrel on Wednesday, down 0.47%, off from a session high of USD90.97 and up from an earlier session low of USD90.82.
Bullish U.S. housing data sent crude rising.
The Standard & Poor’s/Case Shiller House Price Index showed that home price in 20 cities rose 1.2% in July of this year compared with the same month a year ago.
Analysts had expected the closely watched gauge on home prices to rise 1.0% in July.
The news boosted spirits in commodities markets, as housing, which threw the world's largest economy into its recession and lags on its recovery, may be showing signs of more sustained recovery.
Elsewhere, the Conference Board, an industry group, reported that its consumer confidence index rose to 70.3 in September from an upwardly revised 61.3 in August.
September's reading was the highest since February and outpacing analysts' calls for a 63.0 reading.
Oil also saw demand on news that German Finance Minister Wolfgang Schauble said European policymakers should do everything in their power to protect the single currency, pointing out that defending the euro was "worth any effort."
Ongoing tensions in the Middle East push crude prices up as well before profit takers brought it back down.
On the ICE Futures Exchange, Brent oil futures for November delivery were down 0.01% and trading at USD109.99 a barrel, up USD19.05 from its U.S. counterpart.
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