Investing.com - West Texas Intermediate oil futures traded near a two-month low on Tuesday, as market players assessed demand prospects from the U.S. and the supply outlook in the Middle East.
On the New York Mercantile Exchange, crude oil for delivery in August dipped 0.14%, or 14 cents, to trade at $100.77 a barrel during European morning hours. Futures held in a range between $100.71 and $101.20 a barrel.
U.S. oil futures fell to $100.22 a barrel on Monday, the lowest since May 12, before settling at $100.91, up 0.08%, or 8 cents.
New York-traded oil futures were likely to find support at $100.22 a barrel, the low from July 14 and resistance at $102.92 a barrel, the high from July 11.
Market players awaited key U.S. weekly supply data to gauge the strength of oil demand from the world’s largest consumer.
The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles fell by 2 million barrels in the week ended July 11.
Investors also looked ahead to Federal Reserve Chair Janet Yellen''s semi-annual testimony on Capitol Hill later in the day, amid speculation over when the central bank will start raising interest rates.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for September delivery shed 0.25%, or 27 cents, to trade at $107.44 a barrel, as investors continued to monitor geopolitical developments in Libya and Iraq.