BEIJING - Oil stayed edged up Tuesday to stay above $99 a barrel after shedding more than $1 a day earlier.
Benchmark U.S. crude for February
delivery added 4 cents to $99.33 in electronic trading on the New York
Mercantile Exchange. It declined $1.03 the previous day after closing above
$100 on Friday for the first time since Oct. 18 on U.S. recovery prospects.
While signs of an improving U.S.
economy have supported prices, analysts note oil consumption in other parts of
the world could be held back by a strengthening dollar, which makes oil more
expensive for other countries.
Others noted that interest from
financial speculators would help push oil prices higher.
Brent crude, a benchmark for
international oils, gained 6 cents to $111.27 after shedding 97 cents a day
Brent's decline was attributed to
reports some of the oil production, refinery and export facilities in Libya -- which has struggled to maintain production since the 2011 civil war that ousted
Moammar Gadhafi -- were back in business.
In other energy futures trading on
- Wholesale gasoline held steady at
$2.79 per gallon.
- Heating oil fell 2 cents to $3.06
- Natural gas added 1 cent to $4.44
per 1,000 cubic feet.