The price of oil rose toward USD 97 per barrel Tuesday, but gains were checked as investors waited for the Federal Reserve's latest views on the US economy.

Benchmark crude for June delivery was up 16 cents to USD 96.87 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract gained 69 cents to close at USD 96.71 on Monday.

On Wednesday, Fed chairman Ben Bernanke will appear before Congress and the central bank will release minutes of its most recent policy meeting. Traders will be looking for hints on what the Fed might be preparing to do in light of recent data that has pointed toward a sustained economic recovery.

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