Oil Rises as Consumer Sentiment Gains

Oil advanced as data showing U.S. consumer confidence climbed to a five-year high, helping ease concern that a political stalemate in Washington will lead to a fiscal crisis.

Futures rose 1.2 percent after the Thomson Reuters/University of Michigan preliminary index of consumer sentiment for November increased to 84.9 from 82.6 the prior month. Prices fell earlier on concern U.S. lawmakers will be unable to compromise and avoid automatic spending cuts and tax increases at the start of 2013.