WTI oil futures edge higher ahead of supply data

Investing.com - West Texas Intermediate oil futures edged higher on Tuesday, as market participants looked ahead to fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of demand in the world’s largest oil consumer.

On the New York Mercantile Exchange, crude oil for delivery in March tacked on 40 cents, or 0.87%, to trade at $45.55 a barrel during European morning hours. Prices held in a range between $44.82 and $45.65.

A day earlier, New York-traded oil futures hit a low of $44.35 a barrel, a level not seen since March 2009, before settling at $45.15, down 44 cents, or 0.97%.

The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles rose by 3.8 million barrels in the week ended January 23.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for March delivery picked up 32 cents, or 0.66%, to trade at $48.48 a barrel.

On Monday, Brent for March delivery lost 63 cents, or 1.29%, to close at $48.16.

OPEC Secretary-General Abdalla El-Badri said Monday that the oil cartel 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.

Meanwhile, the euro was higher against the dollar, after hitting an 11-year low in the previous session, as fears sparked by anti-austerity Syriza party's victory in Sunday's Greek elections subsided.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, dipped 0.25% to hit 95.04, after touching a more than 11-year high of 95.77 last Friday.

Market players are looking ahead to the start of the Federal Reserve's two-day policy meeting later in the day, for further clarification on when interest rates might start to rise.

Later in the day, the U.S. was to release data on durable goods orders, as well as private sector reports on consumer confidence and new home sales for further indications on the strength of the economy.