Oil Gains after Choppy Trading

Crude prices gained moderately Tuesday after choppy trading.

Crude prices rose in the day, boosting by the news that the Bank of Japan planned a new round of open-ended asset buying in an effort to stimulate the world's third biggest economy.

Investors were also expecting European finance ministers were about to approve the latest bailout fund for Greece. And the region's largest economy of Germany saw unexpected jump in economic confidence. The German ZEW economic-expectations index rose sharply by 24.6 to 31.5, the highest level since May 2010.

Market analysts say the recent strong data from China, the second globally largest oil consumer, also bolstered investors' confidence in oil demand.

But oil' gains were limited by the weak U.S. data released Tuesday.

The National Association of Realtors said the sales of existing home declined 1 percent in December to a seasonally adjusted annual rate of 4.94 million, slightly below markets' estimates.

To add to the pressure, the Federal Reserve Bank of Richmond's index of the manufacturing activity fell in January to minus 12 from 5 the month before.

Light, sweet crude for February delivery gained 68 cents, or 0. 71 percent, to settle at 96.24 dollars a barrel on the New York Mercantile Exchange. The February contract expired on Tuesday after trading, and the more active March contract rose 64 cents, or 0.67 percent, to close at 96.68 dollars a barrel.

Brent crude for March delivery rose 71 cents, or 0.64 percent, to close at 112.42 dollars a barrel.