Oil prices edged closer to $50 a barrel Tuesday, with no major catalysts moving the market and traders already focusing on the release of key weekly inventory data Wednesday.
The January futures contract gained 14 cents to $49.90, having managed a modest gain Monday.
Prices have staged a modest recovery since suffering a steep correction during the first three weeks of November, but remain more than 10% off their record closing high of $55.17 touched in late October. Prices experienced a similar decline in July, only to resume their climb and attain new record highs in what's been a year-long rally.
Disruption to output at two fields in the North Sea and more speculation about the possible break up of Russian oil giant Yukos appear to have had little if any impact on trading Tuesday.
The main focus of the market recently has been heating oil supplies ahead of the winter season. The most recent inventory data showed a large gain in U.S. stockpiles. U.S. production in the Gulf of Mexico has been slowly returning to normal after major disruptions from Hurricane Ivan in September. /www.thestreet.com/