Oil prices rose as investors shrugged off weaker US economic data ahead of economic growth data later in the week.

US consumer confidence fell sharply in October amid growing worries about rising unemployment, the Conference Board reported on Tuesday.

However, the oil market took the news in its stride, ahead of US energy inventories data due on Wednesday and economic growth data due on Thursday.

New York's main contract, light sweet crude for delivery in December, added 87 cents to $US79.55 a barrel.

COMEX

Gold contracts for December delivery fell $US7.40 to settle at $US1,035.40 an ounce on the New York Mercantile Exchange.

December silver lost 55.5 cents to $US16.54 an ounce.

December copper futures fell 1.2 cents to $US2.999 a pound