Oil rises for 4th day, eyes on supply reports
The price of oil rose for a fourth straight day Tuesday as traders awaited the latest reports on U.S. oil supplies and retail sales.
Benchmark oil for April delivery gained 48 cents to finish at $92.54 per barrel in New York. .
Oil has now risen nearly 3 percent in the last four trading sessions. Whether it maintains that momentum could depend on this week's reports on U.S. oil supplies.
Many traders believe the large supply of oil in the U.S. has kept a lid on prices. Last week the Energy Department said that the nation's supply of crude is 10.3 percent above year-ago levels. And U.S. oil production, at more than 7 million barrels a day, is at the highest level since the late 1990s.
The American Petroleum Institute will release its report on oil stocks later Tuesday, while the report from the Energy Department's Energy Information Administration — the market benchmark — will be out on Wednesday.
Data for the week ending March 8 is expected to show a build of 2.3 million barrels in crude oil stocks and a draw of 1.5 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.
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