TOKYO (MarketWatch) -- Oil futures edged higher in Globex electronic trading Tuesday, finding support from a weaker U.S. dollar as traders gauged the prospects for this week's data on U.S. petroleum inventories.
Crude oil for July delivery rose 44 cents to $68.53 a barrel on Globex, after trading as high as $68.94. On Monday, it fell 35 cents to end at $68.09 a barrel on the New York Mercantile Exchange.
The oil gains in electronic trading came as the U.S. dollar moved lower against most rivals, including the Japanese yen. See Currencies.
During the afternoon in Asia, the greenback changed hands at 98.24 yen, down from 98.54 yen in late North American trading Monday.
"I think traders are wary of what the U.S. inventories will do on Wednesday," said Charles Perry, president of energy-consulting firm Perry Management, referring to when the Energy Information Administration releases its weekly data on oil supplies.
Traders were "surprised by the climb in inventories [reported] last week, so they are going to be cautious until they see the inventory report," said Perry.
Crude prices won't likely reach $70 per barrel this week -- unless inventories show a drop for last week, he said.
But if supplies show a drop or stay flat, "I think we will see $70 by the end of the week, and even higher next week."
