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Oil prices rose for a fifth straight day of gains Monday, on the back of rising consumer confidence in the US economy. Benchmark oil for September delivery rose 5 cents to $96.06 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 41 cents to end at $96.01 per barrel on the Nymex on previous trading session. Brent crude rose 67 cents to $114.38 on the ICE Futures exchange in London. The preliminary August index of consumer sentiment is at highest level since May. Most economists had been expecting a decline. That combined with surprisingly strong retail sales and housing data raised hopes that the world's No. 1 economy is gaining traction.
