New York - The price of oil rose slightly on Tuesday as traders waited for the latest data on US supplies.
Benchmark oil for May delivery gained 12 cents to finish at $97.19 per barrel on the New York Mercantile Exchange.
Oil dropped below $96 in the morning, but recovered as US stock markets rose, buoyed by strong reports on US auto sales and factory orders.
The market will be watching for the latest reports on supplies of oil and petroleum products. The American Petroleum Institute, a trade group, releases its latest weekly figures later on Tuesday. The Energy Department issues its latest inventory report on Wednesday morning.
Analysts expect oil supplies rose by 2.5 million barrels last week, according to Platts. Supplies are already more than nine percent above year-ago levels.
Brent crude, used to price many kinds of oil imported by US refineries, was up 67 cents to end at $110.69 per barrel on the ICE Futures exchange in London. - Sapa-AP