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Crude futures settled lower Tuesday, as investors paused ahead of weekly oil-inventory data and testimony from Federal Reserve Chairman Ben Bernanke on Wednesday that could shed light on the central bank's stimulus plans. Analysts and traders across financial markets are awaiting Mr. Bernanke's appearance before Congress on Wednesday for signals on the Fed's economic outlook for the U.S., the world's largest consumer of oil. Investors across markets are keeping close watch for any indications that the Fed is planning to end its monetary-stimulus program, which has helped to boost energy, commodity and equities markets. Any hint of a winding down of the program could lead to a sell-off in crude oil.

The price decline in U.S. futures on Tuesday is set to end four straight sessions of gains that lifted crude to its highest price since early April. After falling to nearly $86 a barrel last month, oil prices have rallied with improving data on the U.S. economy that many investors believe will lead to higher fuel demand. Also, a stronger U.S. dollar has also weighed on crude-oil prices.

The government survey from the Energy Information Administration is due to be released at 9:30 a.m. CST on Wednesday. The American Petroleum Institute, an industry group, is due to report its own data at 3:30 p.m. CST on Tuesday. U.S. weekly oil data are expected to show U.S. crude oil inventories fell by 600,000 barrels in the week ended May 17. Gasoline stocks are expected to fall by 100,000 barrels. Distillate stocks, comprising heating oil and diesel fuel, are expected to increase by 700,000 barrels. Refiners are expected to cut operations by 0.2 percentage point, to 87.8% of capacity. 

Investors pushed stocks higher into record territory Tuesday after comments from a Federal Reserve official raised hopes the central bank will continue to pump money into the financial system.

New York Federal Reserve president William Dudley said the Fed needs to rethink its current exit strategy, although he stressed that it could involve both increasing or decreasing the pace of its bond buying program.

Investors have been paying close attention to comments from various Fed officials recently as they attempt to gauge when the central bank will begin to taper off its stimulus programs.

Dudley's comments come one day before Fed chairman Ben Bernanke is set to discuss his outlook for the economy in testimony before Congress.

The Dow Jones industrial average and S&P 500 both closed at record highs Tuesday, gaining 0.3% and 0.2% for the day. The Nasdaq added 0.2% to end at its highest level since 2000.

Bernanke on deck: Stocks have rallied more than 16% so far this year, driven by improving economic data and the Fed's easy monetary policies.

But investors have been unwilling to push stocks much higher this week, ahead of Bernanke's testimony, said JJ Kinahan, chief derivatives strategist at TD Ameritrade.  The S&P 500 shot up from 1,600 to 1,670 "like a hot knife through butter," he said. "Now some people are wondering if we have to capitulate in order to stay higher." Bernanke's comments may provide the catalyst for stocks to move "one way or the other," said Kinahan.

European markets ended higher, with London's FTSE 100 trading at 14-year highs. Asian markets ended mixed.

Corn futures settled at a four-week low Tuesday, after an increase in corn plantings last week alleviated concerns that planting delays this spring could reduce the new crop's output. U.S. farmers planted corn at a fast pace last week as warm, dry weather allowed producers throughout the Midwest to return to their fields. Cold, wet weather from Nebraska to Ohio earlier this spring had caused a slow start to plantings, raising worries of tighter corn supplies after the fall harvest. On Monday afternoon, the U.S. Department of Agriculture said the corn crop was 71% planted as of Sunday, up sharply from 28% a week earlier. This compares to the 5 year average of 79%. The one-week percentage gain in progress matched the record of 43% set in 1992.

Wheat futures were pulled lower by the decline in corn prices and expectations for ample world wheat supplies this year. Analysts expect production to rebound from last year's drought-reduced levels in areas like the former Soviet Union. Planting of the U.S. spring wheat crop, which is grown mostly in the northern Plains was 67% completed as of Sunday up from 43% the prior week but still below the five-year average of 76%. The advance in plantings was still seen as an improvement. The USDA also said 31% of the U.S. winter-wheat crop was rated in good-to-excellent condition, down one percentage point from a week earlier and well below last year's rating of 58%. But the decline didn't boost prices because traders have long been aware of poor crop conditions for wheat in the southern Plains.

Soybean futures ended mixed, with nearby futures jumping on tight current supplies and strong demand from U.S. processors. The weekly progress report showed soybean plantings at 24% compared to 5 year average of 42%. The bean plantings were just below expectations but traders are focused more on corn plantings. Only 3% of beans have emerged versus the 14% average.

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