Investing.com - Crude oil prices rose in early Asia on Tuesday with U.S. industry petroleum stockpile data scheduled later in the day a focus.
The American Petroleum Institute will release its estimates of U.S. crude, distilalte and gasoline stoocks on Tuesday, followed by more closely watched U.S. Department of energy data on Wednesday.
Last week, API reported a crude build of 5.7 million barrels for the previous week, and the Department of Energy said stocks rose by 10.07 million barrels in the same time frame.
On the New York Mercantile Exchange, crude oil for delivery in March gained 0.08% to trade at $45.13 a barrel.
Crude oil futures erased losses to hit the highest levels of the session on Monday, as investors reacted to bullish comments made by OPEC Secretary-General Abdalla El-Badri.
On the ICE Futures Exchange in London, Brent oil for March delivery inched up 27 cents, or 0.55%, to trade at $49.06 a barrel. Earlier in the day, Brent touched a low of $47.59, down $1.20 on Monday.
Oil prices erased losses after El-Badri said he is open to meeting with non-OPEC producers to balance the market.
El-Badri added that oil prices could reach $200 per barrel if there is a lack of investment following the recent price rout.
Oil prices have fallen nearly 60% since June as the Organization of Petroleum Exporting Countries resisted calls to cut output, while the U.S. pumped at the fastest pace in more than three decades, creating a glut in global supplies.
Futures fell sharply earlier in the day as traders were cautious after Greek anti-austerity party Syriza swept to victory in elections on Sunday, reviving concerns over the country's future in the euro zone.
Greek leftist party Syriza formed a coalition government with the right-wing Independent Greeks party on Monday. Syriza won 149 seats in Greece’s 300-seat parliament, while the Independent Greeks took 13 seats, giving them a comfortable governing majority.
While the two parties are on opposite sides of the political spectrum, they both reject austerity measures connected with Greece's international bailout.
Syriza leader Alexis Tsipras has pledged to renegotiate the terms of Greece's €240 billion bailout and reverse many of the austerity measures imposed by the European Union and International Monetary Fund, raising the possibility of a major conflict with euro zone partners.
The euro fell to an 11-year low of $1.1098 against the greenback before staging a rebound to $1.1266, as most market analysts expect Tsipras to eventually make compromises to appease international lenders and avoid the so-called "Grexit".
In addition, likely next Greek Finance Minister Yanis Varoufakis has previously stated desire for Greece to remain in euro zone.
Investors will be awaiting the outcome of Wednesday’s Federal Reserve policy meeting for further clarification on when interest rates might start to rise.
Friday’s preliminary data on U.S. fourth quarter growth will also be in focus.