Oil prices were slightly higher today, bouncing back from earlier losses. Oil prices were supported today by Saudi Arabia raising its prices to Asia for the second straight month. The dollar was also weaker today. Investors awaited U.S. Federal Reserve Chair Jerome Powell’s testimony this week. Traders have started factoring in rate hikes but are hoping for smaller increases than last year. China’s GDP grew only 3% last year. WTI traded up $.78 or 1% to close at $80.46. Brent traded up $.35 or .4% to close at $86.18.