Investing.com - U.S. oil futures edged higher on Tuesday, as market players awaited key U.S. weekly supply data to gauge the strength of oil demand from the world’s largest consumer.
On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in March traded in a range between USD96.45 a barrel and USD96.94 a barrel.
The March Nymex oil contract last traded at USD96.87 a barrel during European morning hours, up 0.45%.
WTI oil prices settled 1.09% lower on Monday to end at USD96.43 a barrel. Nymex oil futures were likely to find support at USD96.26 a barrel, the low from February 3 and resistance at USD97.94 a barrel, the high from February 3.
The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles rose by 2.6 million barrels in the week ended January 31.
Oil prices slumped on Monday after U.S. manufacturing data heightened concern about the economy before Friday''s closely-watched monthly jobs report.
The Institute for Supply Management’s manufacturing index fell to a seven-month low in January, as new orders slumped.
The disappointing data sparked concerns over the outlook for the U.S. recovery, ahead of Friday’s U.S. jobs report for January, after December’s report showed that the economy added far fewer jobs than expected.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for March delivery inched down 0.1% to trade at USD105.97 a barrel, while the spread between the Brent and U.S. crude contracts stood at USD9.10 a barrel.
The spread between the two contracts narrowed to a three-month low as the Keystone XL pipeline linking Cushing, Oklahoma, to the U.S. Gulf Coast began making deliveries earlier in January.
Flows will rise over the course of the year toward its 700,000-barrel capacity, which should help alleviate a glut of crude in the Midwest.
Jerusalem Post Annual Conference. Buy it now, Special offer. Come meet Israel's top leaders