ND:U.S. oil futures fluctuate ahead of Putin speech, supply data
Investing.com -
Investing.com - U.S. oil futures swung between small gains and losses on Tuesday, as investors remained cautious ahead of a highly anticipated speech by Russian President Vladimir Putin, as well as U.S. supply data due later in the day.
On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in May held in a range between $97.29 a barrel and $97.80 a barrel.
WTI oil last traded at $97.72 a barrel during European morning hours, up 0.1%, or 10 cents. The May contract lost 0.95%, or 94 cents, to settle at $97.62 a barrel on Monday.
Nymex oil futures were likely to find support at $97.00 a barrel, the low from March 17 and resistance at $98.95 a barrel, the high from March 14.
Vladimir Putin was set to address Russia's parliament later on Tuesday on making Crimea part of the Russian Federation, one day after signing a decree recognizing the region as a sovereign state.
Worries over the Ukraine crisis seemed to subside however, as sanctions imposed on Russia by the U.S. and the European Union were seen as mild.
Meanwhile, investors looked ahead to weekly supply data out of the U.S. to gauge the strength of oil demand from the world's largest consumer.
The American Petroleum Institute will release its inventories report later in the day, while Wednesday's government report could show crude stockpiles rose by 2.8 million barrels in the week ended March 14.
The data was also expected to show that distillate stockpiles, including heating oil and diesel, decreased by 0.3 million barrels, while gasoline stockpiles were forecast to drop 1.3 million barrels.
Market players were also awaiting U.S. data on inflation and housing later in the session for further indications on the strength of the recovery.
The Federal Reserve is to kick off its two-day policy-setting meeting on Tuesday, amid expectations for a reduction in its bond buying program to $55 billion from the current $65 billion.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for May delivery added 0.26%, or 28 cents, to trade at $106.52 a barrel, while the spread between the Brent and U.S. crude contracts stood at $8.80 a barrel.
