NEW YORK, Jan. 14 (Xinhua) -- U.S. crude oil price edged up on Monday in choppy trading as no important economic data was released.
Oil got lifted in earlier trading after Charles Evan, the Chicago Federal Reserve president, said in a speech that the Fed " will provide the monetary accommodation necessary to close the large resource gaps that currently exist".
Fed Chairman Ben Bernanke is scheduled to speak on Monday afternoon at the University of Michigan.
Analysts believed that Bernanke would use the chance to clarify disparities among Fed members toward the on-going massive asset- purchasing program and shed light on the Fed's view toward the U.S. economy.
In the latest minutes of the Fed's December policy meeting, several members of the Federal Open Market Committee hinted at the probability of slowing or stopping asset purchases well before the end of 2013, citing financial stability and the Fed's ballooning balance sheet as reasons.
The dollar seesawed on Monday, which worsened the volatility of the crude prices. The dollar index, which followed the greenback's performance against a basket of currencies, fell slightly late Friday, offering dynamic to oil's rebound.
At a news conference, President Barack Obama urged Congress to raise the debt ceiling, warning of the catastrophic consequences of a debt default.
Light, sweet crude for February delivery gained 58 cents, or 0. 62 percent, to settle at 94.14 dollars a barrel on the New York Mercantile Exchange, hitting a four-month high.
Brent crude for February delivery rose 1.24 dollars, or 1.12 percent to close at 111.88 dollars a barrel. Its premium against the U.S. crude benchmark narrowed to 17.74 dollars.