Oil futures rise as trader expect US supply reports to show stronger demand. US oil futures hit $98.33 in European trading.
Global markets reflect worry about rising interest rates for eurozone's weakest nations and possibility of a US recession. Among global markets to tumble most: Germany, down 5.3 percent and France, down 4.7 percent.
European stocks shrug off local debt woes, while traders look forward to Bernanke speech. But European stocks are expected to remain volatile.
Oil stocks are back up Tuesday, amid confusion about the situation in Tripoli. After falling yesterday, oil stocks rose today in Europe, and prices for benchmark oil for October delivery were up to nearly $86 in Paris in the afternoon.
Oil prices rose after the Fed's announcement on Tuesday that it would hold interest rates low for the next two years. Still, oil prices are down about $18 a barrel since July 22.
Crude oil prices dropped more than $3 a barrel on Monday to about $83. The drop brings crude oil prices down more than $30 since May.
Crude oil prices drop sharply amid rising worries about global economy. West Texas Intermediate crude oil falls to $84.93.