RTTNews - Crude oil gained for the fifth session in a row and finished at its highest level in almost three weeks. Investors looked ahead to the government's inventory report on Wednesday.
Light sweet crude for August delivery settled at $64.72, up 74 cents on the session. The August contract closed at the end of the session.
The Energy Information Administration's weekly inventory report is due at 10:30 a.m. ET tomorrow. Experts are looking for a decline of about 2 million barrels for crude oil supplies and a build of 800,000 barrels of gasoline inventories.
Last week's data showed crude oil inventories decreased by 2.8 million barrels from the previous week. Gasoline inventories increased by 1.5 million barrels.
Oil backed off its daily high of $65.53 as traders considered testimony from Federal Reserve Chairman Ben Bernanke. Beginning his regular semi-annual update to Congress, Bernanke warned that the economy is still in a fragile state, with unemployment high and consumer spending shaky.
The dollar recovered early losses against other majors, limiting oil's hedge appeal. The greenback had hit a six-week low against the euro before turning into positive territory for the day. The dollar also gained on the pound.
For comments and feedback: contact email@example.com