Tuesday morning, trading data showed. Investors continue to await speeches by the head of the U.S. Federal Reserve, which may provide clues on monetary policy and influence the outlook for the economy and demand.

The price of May Brent crude oil futures was up 0.29% to $86.43 a barrel, while April WTI futures were up 0.26% to $80.67.

“It looks like prices could test the $90 level again,” IG Asia Pte market strategist Yeap Jun Rong told Bloomberg news agency.

Later Tuesday, U.S. Federal Reserve (Fed) Chairman Jerome Powell will address the Senate Banking Committee and the Banking Services Committee on Wednesday. Markets are hoping to hear hints from Powell about the regulator’s future rate plans amid continuing high inflation and recession fears.

According to the CME Group, 70.1% of analysts expect the Fed’s key rate hike in March to rise again by 25 basis points to 4.75-5% per year. At the same time, 29.9% expect an increase of 50 basis points.

At the same time, investors also assess the statistics from China, which is one of the largest consumers and importers of oil in the world. China’s imports decreased by 10.2% in February, while the forecasted decline was only 5.5%. And exports fell by 6.8%, which was better than the forecasted 9.4% decline.

Earlier, we reported on the UAE’s stunt to bring down oil prices.