Oil Hovers Near $91 a Barrel

Oil prices hovered near $91 a barrel Tuesday as traders waited for signs on whether the U.S. Federal Reserve will cut interest rates again this week.

The Fed _ scheduled to open a meeting later Tuesday to plot its next move _ is widely expected to lower its key rate, now at 3.5 percent, by as much as one-half percentage point to 3 percent when policymakers wrap up the meeting on Wednesday.

Light, sweet crude for March delivery rose 11 cents to $91.10 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe.

In London, Brent crude rose 27 cents to $91.65 a barrel on the ICE Futures exchange.

Oil investors …