By Claudia Assis and Sarah Turner, MarketWatch
SAN FRANCISCO (MarketWatch) — Oil futures edged between small gains and losses Monday, giving back some gains after a four-day winning streak and as investors waited for the U.S. Federal Reserve policy meeting later in the week.
Crude for September delivery CLU2 -0.53% declined 19 cents, or 0.2%, to $89.92 a barrel on the New York Mercantile Exchange.
Oil futures rose 74 cents to $90.13 a barrel in regular trading in New York on Friday, after German and French leaders added their voices to the European Central Bank leader’s pledge to support the common currency bloc.
Over the weekend, Eurogroup head Jean-Claude Juncker said the euro-zone members, their rescue fund, and the European Central Bank will soon act to save the region’s currency, according to a report.
But trading was lackluster ahead of the two-day Fed meeting scheduled to start on Tuesday.
Some traders expect Fed officials to respond to recent soft macroeconomic data and announce a new round of economic stimulus.
While the dollar index DXY +0.34% moved slightly above late Friday’s 82.636 reading to 82.850 on Monday, it remained near a three-week low. Read more on currencies.
A weaker greenback is a positive for oil, as it makes the dollar-denominated commodity cheaper for holders of other currencies.
In the wider energy complex, August gasoline RBQ2 +0.74% rose 2 cents, or 0.8%, to $2.91 a gallon.
August heating oil HOQ2 -0.31% HOQ2 -0.31% traded flat at HOQ2 -0.31% $2.88 a gallon, while natural gas NGU12 +5.24% for September delivery advanced 15 cents, or 5%, to $3.17 per million British thermal units.
Natural gas jumped as summer heat continued its grip in key regions of the U.S.
Claudia Assis is a San Francisco-based reporter for MarketWatch.
Sarah Turner is MarketWatch's bureau chief in Sydney.
