On the New York Mercantile Exchange, light, sweet crude futures for delivery in September traded at USD89.87 a barrel during European afternoon trade, up 0.10%.
Trade remained subdued amid expectations for the U.S. central bank and the ECB to ease monetary policy this week, in an attempt to spur growth in the U.S. and stem the long running debt crisis in the euro zone.
Expectations that the ECB is set to announce bold measures to tackle the debt crisis have been mounting after the bank’s head Mario Draghi pledged last week to do whatever is necessary to preserve the euro.
But investors remained wary amid concerns that an inadequate policy response by the ECB could send markets lower.
Market participants were also eyeing the outcome of the Federal Reserve’s policy setting meeting on Wednesday, amid speculation over whether the U.S. central bank will indicate if further quantitative easing measures are imminent.
Investors have interpreted signs of slowing U.S. economic growth as increasing the likelihood that the Federal Reserve will implement more quantitative easing to spur the economic recovery.
The U.S. is the world’s biggest oil-consuming country, responsible for almost 22% of global oil demand.
Later in the day, the American Petroleum Institute was to release its weekly supply report, ahead of the U.S. Energy Information Administration’s report on Wednesday.
On the London based ICE Futures Exchange, Brent oil futures for September delivery dipped 0.06% to trade at USD106.09 a barrel, with the spread between the Brent and crude contracts standing at USD16.22
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