But gains were tempered by demand for the energy commodity coming in question while the sovereign debt crisis burrowed deeper in the euro zone.
Thus far this year, the price of crude oil has slipped 15 percent. But the uplifting economic news – issued by the Institute for Supply Management – from the U.S., the globe's top consumer of the energy commodity, provided a slight spur to its performance on Tuesday.
"We are in a tug of war between economic news," president Michael Lynch with Strategic Energy & Economic Research in Massachusetts told Bloomberg. "The ISM number gave us a little bullish push but the European situation is still kind of slowing things down."
At 11:09 a.m. on Tuesday, crude oil futures dropped 0.21 percent, a 21 cent loss to $98.64 per barrel.
May saw the ISM non-manufacturing business index climb to 53.7 after having registered at 53.5 during the month prior. A Bloomberg poll of economists indicated the metric would register at 53.4. Readings that exceed 50 on the ISM metric signify growth and development.
But prior to ISM survey results being issued, Markit Economics of London noted manufacturing and services in May in the euro region shrank at its fastest pace in nearly 36 months.
The price of crude oil futures also ebbed and flowed as governors of central banks and finance ministers of the Group of Seven nations conducted a teleconference to expound issues germane to the sovereign debt crisis tearing through the euro zone.
Spain, the fourth largest economic system in the 17-nation bloc, is preparing for a debt auction later this week as the country's fiscal issues appear to be deepening.
The Group of 20 nations are preparing to convene later this month in Mexico and the debt crisis remains a high priority as its damages and consequences apply pressure to markets.
"It's pretty clear that something needs to be done in Europe, and you have to believe that something will be done and the market's verdict will be whether or not it's sufficient," partner John Kilduff with energy hedge fund Again Capital told Bloomberg.
The energy commodity's more tempered performance thus far this week serves as a stark contrast to four sessions last week when crude oil futures plunged as a consequence of the reduced pace of the global economy's development, according to The Wall Street Journal.
The emergency teleconference of G-7 leaders helped drive crude oil futures back toward the $100 per barrel price.
"We feel that the complex has become a bit overcooked technically and may require a price bounce back to around last Friday's highs in order to attract fresh selling," states a note authored by Jim Ritterbusch with Ritterbusch & Associates, The Wall Street Journal reports.
Scheduled for later this week is a meeting for officials with the European Central Bank to discuss interest rates, which are poised to be slashed by 25 basis points.
Also scheduled for later this week is a meeting between the nuclear agency of the United Nations and oil-rich Iran, according to Reuters.
Western nations are concerned about the Middle Eastern nation's nuclear ambitions, which have drawn U.S. and European sanctions on oil exports from the country.
Representatives with the Middle Eastern nation and the International Atomic Energy Agency are meeting to continue stalled negotiations that have ensued in Istanbul and Baghdad but have not yet delivered results.
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