West Texas Intermediate crude climbed for the first time in five days

West Texas Intermediate crude climbed for the first time in five days after U.S. consumer confidence rose to the highest level in more than five years while home prices advanced, signs that the economy and fuel use will grow.

Futures gained as much as 1.9 percent and equities surged as the Conference Board’s index of sentiment rose to 76.2 in May, the strongest level since February 2008. The S&P/Case-Shiller index of property values jumped 10.9 percent from March 2012, the biggest 12-month expansion since 2006. Saudi Arabia is content with the current oil-market balance, the kingdom’s petroleum minister said before OPEC members meet this week.

The confidence total from the Conference Board, a New York-based private research group, exceeded the highest estimate in a survey of economists. The median forecast called for an increase to 71.2.

The S&P/Case-Shiller housing index was projected to show a 10.2 percent advance, according to the median forecast of 30 economists.

WTI crude for July delivery rose $1.20, or 1.3 percent, to $95.35 a barrel at 11:03 a.m. on the New York Mercantile Exchange. The volume of all contracts traded was 5.4 percent above the 100-day average for this time of day. Floor trading was closed yesterday because of the Memorial Day holiday, and yesterday’s electronic transactions will be booked with today’s trades for settlement purposes.

Brent oil for July settlement increased $1.68, or 1.6 percent, to $104.30 a barrel on the ICE Futures Europe exchange. Volume for all contracts was 20 percent lower than the 100-day average. The European benchmark grade traded at an $8.95 premium to WTI.