US oil prices hovered below $98 a barrel today, consolidating recent gains as traders waited for more economic indicators from the US.
Benchmark oil for March delivery was down 4 cents to $97.90 in electronic trading on the New York Mercantile Exchange.
The contract rose 37 cents to finish at $97.94 a barrel on the New York Mercantile Exchange yesterday.
Brent crude, used to price international varieties of oil, rose 10 cents to $115 a barrel on the ICE Futures exchange in London.
The US economy unexpectedly contracted in the fourth quarter, which turned stock markets lower after a January rally that pushed the Dow Jones to near-record highs.
Meanwhile, increasing imports pushed US crude oil supplies up by 5.9 million barrels last week, more than twice what analysts expected, the government said. Ample supplies have been a major factor in keeping oil prices from spiking, although prices have risen $6 a barrel since the start of the year.
But oil has not seen the $100 a barrel level since early May.
In the US, weekly jobless claims will be released later today, while traders are also awaiting the release tomorrow of employment data and manufacturing for January, hoping to see signs of an improving US economy.
