Oil prices hovered below $77 a barrel Tuesday as traders awaited corporate earnings reports for clues about the strength of the global economy and the outlook for energy demand.
Oil has traded between $64 and $87 so far this year and has hovered near $76 for the last two weeks amid light summer trading volume. Investors are eyeing a slow U.S. economic recovery and mixed corporate results so far during second-quarter earnings season.
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By early afternoon in Europe, benchmark crude for August delivery was down 18 cents to $76.36 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 53 cents to settle at $76.54 on Monday.Oil has traded between $64 and $87 so far this year and has hovered near $76 for the last two weeks amid light summer trading volume. Investors are eyeing a slow U.S. economic recovery and mixed corporate results so far during second-quarter earnings season.
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