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Small cap stocks are treading higher at mid-session, as crude oil futures pulled back and new home sales figures edged higher, stealing the limelight from a ghastly consumer confidence number.

At 12:46 p.m. ET. the Russell 2000 (NYSE:IWM) had gained 4.25, or 0.59%, to 728.35, while the Dow edged up 6.52, or 0.05%, to 12486.15. 

After breaching a record level of above $135 last week, crude oil prices shed $1.41 to $130.78 a barrel midday, as the oil market focused on a waning economy and weak consumer sentiment figure. The consumer sentiment gauge clocked in at 57.2, below the forecast of 60 and tumbled to a 16-year low.

“The drop in consumer confidence has got people nervous about the levels of the value of crude, specifically gasoline,” said Andy Busch, global foreign exchange strategist for BMO Capital Markets. “[They’re] thinking that these high prices will eventually encourage people to change habits.”

In other economic news, The U.S. Census Bureau and the Department of Housing and Urban Development reported this morning that sales of new one-family homes grew a greater-than-expected 3.3% in April to a seasonally adjusted annual rate of 526,000 from the revised March rate of 509,000, but was 42% below sales in April 2007. Economists were forecasting sales of 520,000. New home sales marked the largest year-over-year decline in 27 years.

Small caps traded marginally in the green midday, while the other major indices skidded, as oil continued its record-setting skyward hike for the second straight session, stoking inflation concerns.

At 12:48 p.m. ET, the Russell 2000 (NYSE:IWM) edged up 5.1, or 0.69%, to 740.74, while the Dow slumped 39.73, or 0.31%, to 12,788.95.

Crude oil bolted north of $132 a barrel this morning, setting another record after the Energy Department reported a surprising decline in crude inventories last week after reporting gains in inventories for the preceding four straight weeks. After jumping as high as $132.08 a barrel, a barrel of crude retreated slightly to $131.75 midday.

While crude gained, the dollar sold off against the euro and the yen and gold gained $7.80 to $928 per troy ounce.

Midday, oil prices and inflation concerns are the major drivers behind the market; however sentiment and the market’s direction could change when the Federal Reserve releases its FOMC minutes at 2:00 p.m. ET.

In major large-cap headlines, media conglomerate Time Warner Inc. (NYSE:TWX) said this morning that it will separate both structurally and legally from its cable television division Time Warner Cable Inc. Technological juggernaut Hewlett-Packard Co. (NYSE:HPQ) reported after Tuesday’s close that second-quarter earnings increased 16%, noting that growth in the overseas arena offset domestic weakness. However, investors are still pouring over the printer and computer maker’s recent . . .

PharmaNet Development Group Inc. (Nasdaq:PDGI), Guaranty Financial Group Inc. (NYSE:GFG) and Elizabeth Arden, Inc. (Nasdaq:RDEN) were among the new 52-week lows established during Thursday's trading among companies with market capitalizations or values under $750 million.

LaserCard Corp. (Nasdaq:LCRD), Riverview Bancorp, Inc. (Nasdaq:RVSB) and Ocean Power Technologies, Inc. (Nasdaq:OPTT) were also among the 52-week small-cap lows.

Here are Thursday's 52-week small-cap lows:

Corus Bankshares, Inc. (Nasdaq:CORS), Guaranty Financial Group Inc. (NYSE:GFG) and Hutchinson Technology Inc. (Nasdaq:HTCH) were among the new 52-week lows established during Wednesday's trading among companies with market capitalizations or values under $750 million.

ILOG S.A. (Nasdaq:ILOG), North Valley Bancorp (Nasdaq:NOVB) and First Financial Corp. (Nasdaq:FFCO) were also among the 52-week small-cap lows.

Here are Wednesday's 52-week small-cap lows: