Oil prices were little changed on Tuesday, holding below 15-month high hit last week. Traders are anticipating reports on U.S. weekly supply data and the congressional testimony by Federal Reserve Chairman Ben S. Bernanke on Wednesday.
Crude futures teetered ahead of the American Petroleum Institute (API) weekly release of inventories report later in the day, while Wednesday`s government report may show that crude inventories dropped by 1.9 million barrels.
Last Wednesday, the U.S. government`s Energy Information Administration (EIA) reported that crude inventories slumped last week, signaling solid demand for oil in the world`s largest economy.
- Crude is trading around $106.43 a barrel after rising 11 cents
- Brent is trading around $109.33 a barrel after rising 24 cents
Traders booked gains since Last Friday, but remained cautious ahead of Bernanke`s key congressional testimony. Last week, the Fed Chairman pledged to maintain the central bank`s easy-money stimulus policy.
- Natural gas is trading at $3.67 per cubic feet after falling 0.05%
- Gasoline is trading at $312.10 a gallon after falling 0.58%
- Heating oil is trading at $304.22 a gallon after falling 0.53%