Oil Prices Flat Ahead Of ECB Meeting
The price of oil remained little changed Tuesday as traders weighed two opposing forces: Stimulus programs in Europe and the U.S. could free up cash for oil purchases, but oil supplies are plentiful and demand is weak.
U.S. benchmark crude rose a penny to $96.48 in early trading in New York. Brent crude fell 4 cents to $115.74 in London.
The European Central Bank President Mario Draghi is expected to reveal a program Thursday aimed at easing borrowing costs. Last week Federal Reserve Chairman Ben Bernanke suggested the Fed could do the same. That would provide investors with cash to invest in oil.
The oil market, however, has ample supplies and world demand is weaker than expected.
The national average retail price of gasoline fell slightly to $3.82 per gallon.