NEW YORK (CNNMoney.com) -- Oil prices rose Tuesday on forecasts of falling U.S. crude supply.
What prices are doing: Crude oil for July delivery rose 85 cents to $75.97 a barrel early Tuesday.
On Monday, crude oil rose $1.34 to settle above $75 on the back of stronger stocks and foreign exchange.
The national average price for a gallon of regular unleaded gasoline fell to $2.696 from the previous day's price of $2.698, according to motorist group AAA. That's the ninth straight day of declines.
What's moving the market: The American Petroleum Institute, an oil industry group, was scheduled to release supply data after crude settled for the day.
The more closely watched inventory report from the U.S. Energy Information Administration was due Wednesday. Research group Platts forecast crude oil stocks fell by 1.75 million barrels last week.
Crude also got a boost from the foreign exchange market, as the euro was up 0.5% against the dollar early Tuesday. Commodities are sold in U.S. dollars around the world, so a weaker greenback makes oil less expensive for foreign investors.
BP oil spill: BP executives will appear before Congressional committees Tuesday to testify about the Gulf oil spill. Shares of BP fell another 10% Monday as the company's board met to discuss its dividend policy.
President Obama will end a two-day visit Tuesday to Gulf states affected by the oil spill. He will address the nation Tuesday night from the White House on the next steps in responding to the disaster.
