Investing.com - Nymex crude oil prices fluctuated between small
gains and losses on Tuesday during Asian trading hours on fears
that recent blasts of winter storms have taken their toll on
heating oil stockpiles more than anticipated, though reports of
increased supply from Libya capped the commodity's gains.
On the New York Mercantile Exchange, West Texas Intermediate
crude for delivery in March traded at USD99.95 a barrel during
Asian trading, down 0.11%.
On Monday, the New York-traded oil futures hit a session low of
USD99.89 a barrel and a high of USD100.07 a barrel. The March
contract settled at USD100.06 a barrel.
Nymex oil futures were likely to find support at USD97.14 a
barrel, Friday's low, and resistance at USD100.75 a barrel, the
high from Dec. 27.
Oil prices rose on sentiments that recent blasts of cold air
have hiked demand for heating fuel and other distillates, though
forecasts for moderating temperatures in the coming weeks capped
Also capping gains were reports of an end to supply snags in the
North Sea, while increased exports from Libya to the global market
also watered down gains.
Armed protestors have occupied oil facilities in Libya up until
recently, and exports from the Middle Eastern nation are
Markets were also eager to listen to Federal Reserve Chair Janet
Yellen's testimony before Congress on Tuesday, hoping the nation's
new top economist will shed insight on the direction of the U.S.
central bank's USD65 billion in monthly bond purchases.
Fed asset purchases tend to weaken the greenback by driving down
interest rates, thus making oil an attractive commodity in
Elsewhere, on the ICE Futures Exchange in London, Brent oil
futures for April delivery were down 0.08% and trading at 107.76 a
barrel, while the spread between the Brent and U.S. crude contracts
stood at 7.81 a barrel.
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