Oil prices hovered below $70 a barrel on Tuesday, held down by high inventories and weak demand while investors awaited new data about the U.S. economy.
By early afternoon in Europe, benchmark crude for January delivery was up 10 cents at $69.61 in electronic trading on the New York Mercantile Exchange. On Monday, the contract fell 36 cents to settle at $69.51.
Prices have dropped over the previous nine days — the longest slide since 2001 — on investor doubts about a recovery in U.S. crude demand and as the dollar strengthened.
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