(RTTNews) - The price of crude oil moved up for the first time in four sessions Tuesday morning amid speculation that China would ease its monetary policy following a dip in its trade surplus.
Tension over Iran's nuclear program and unrest in Nigeria also helped oil prices to move higher.
China's trade surplus fell to $155.14 billion in 2011, down 14.5 percent from 2010, according to figures from General Administration of Customs.
Light Sweet Crude Oil (WTI) futures for February delivery gained $1.37 to $102.68 a barrel. Yesterday, oil extended losses for a third session as a meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel in Berlin did not yield anything concrete, although it did ease some concerns about the euro.
This morning, the U.S. dollar continued to level off from its 16-month high versus the euro and ticking lower against sterling. The buck was moving lower versus the Swiss franc and the yen.
Today after the market hours, the API will come out with its report on U.S. crude oil inventories for the week ended January 06.
