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Oil Futures Rise Slightly in Sluggish Trade

Crude oil futures were steady in Asia on Tuesday in sluggish trade, as market participants remained on the sidelines ahead of Federal Reserve Chairman Ben Bernanke's testimony to the U.S. Congress scheduled on Wednesday.On the New York Mercantile Exchange, light, sweet crude futures for delivery in June traded at $96.76 a barrel at 0643 GMT, up $0.05 in the Globex electronic session. July Brent crude on London's ICE Futures exchange fell $0.09 to $104.71 a barrel.Several economic indicators are due in Europe later on Tuesday, but "they wouldn't affect oil prices very much, as traders are focused on what Bernanke will say," Nihon Unicom analyst Hiroyuki Kikukawa said.If Mr. Bernanke hints at winding down the Fed's long-running stimulus program, it may trigger a selling spree in commodities, including crude oil, and the Nymex front month contract may drop to around $92/bbl on anticipation of a stronger dollar, he added.The Fed's stimulus program has weakened the dollar, buoying dollar-de...

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