RTTNews - Oil prices were flat on Tuesday amid choppy trading after briefly reaching above $69 per barrel. Prices remained near the seven-month closing high from the previous session.
Crude oil prices finished at $68.55 per barrel, down 3 cents on the choppy session. Prices touched as high as $69.05 after hitting a slow as $67.50.
Investors awaited the Energy Information Administration's weekly inventory report, which is due at 10:30 a.m. ET tomorrow. Last week's data that showed stockpiles fell by 5.4 million barrels in the week ending May 22. American Petroleum Institute data will be released later this afternoon.
Oil prices have been trending higher since mid-April on optimism over energy demand. Earlier this year, oil fell below $40 a barrel amid the global recession, after hitting a record $147.27 last July.
Crude's hedge appeal was boosted as the dollar hit a fresh five-month low against the euro and extended a seven-month low versus the pound.
On the economic front, National Association of Realtors report showed that the pending home sales index rose 6.7 percent to 90.3 in April from a reading of 84.6 in March. Economists had been expecting a much more modest increase by the index of about 0.5 percent.
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