From Dow Jones & Company:

Oil futures stabilized after Saudi Arabia cut its crude selling price. The rise came as fears of war in the Middle East reignited. The American Petroleum Institute reported a fall of 5.2 million barrels of crude oil, while gasoline stocks increased by 4.9 million barrels, and distillate stocks rose by 6.9 million barrels. Official inventory data from the Energy Information Administration is expected Wednesday, showing a projected fall of 900,000 barrels in U.S. crude inventories, with gasoline and distillate supplies also expected to increase. West Texas crude was up 4 cents at $72.28, and March Brent crude was steady at $77.59.



Read more: Oil flat as traders await official data on U.S. crude inventories