Investing.com - Crude oil futures turned lower during U.S. morning hours on Wednesday, edging off a four-month high after a U.S. government report showed oil supplies rose more-than-expected last week.
Investors now looked ahead to the conclusion of the Federal Reserve’s policy meeting later in the day.
On the New York Mercantile Exchange, light sweet crude futures for delivery in March traded at USD97.50 a barrel during U.S. morning trade, down 0.1% on the day.
New York-traded oil prices rose by as much as 0.7% earlier in the day to hit a session high of USD98.24 a barrel, the strongest level since September 17.
Prices traded at USD97.61 a barrel prior to the release of the supply data.
The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 5.9 million barrels in the week ended January 25, compared to expectations for an increase of 2.58 million barrels.
Total U.S. crude oil inventories stood at 369.1 million barrels as of last week.
The report also showed that total motor gasoline inventories decreased by 1 million barrels, compared to expectations for a decline of 0.1 million barrels.
Market participants were now looking ahead to the outcome of the Federal Reserve’s latest policy setting meeting later in the trading day. The U.S. central bank was expected to reaffirm its commitment to its easing program until the unemployment rate falls below 6.5%.
Data released earlier in the day showed that the U.S. economy contracted by 0.1% in the fourth quarter, defying expectations for growth of 1.1% and a sharp slowdown from growth of 3.1% in the preceding quarter.
A separate report showed that the U.S. private sector added 192,000 jobs in January, above expectations for an increase of 165,000.
The U.S. is the world’s biggest oil-consuming country, responsible for almost 22% of global oil demand.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for March delivery added 0.1% to trade at USD114.50 a barrel, with the spread between the Brent and crude contracts standing at USD17.00 a barrel.
Investors now looked ahead to the conclusion of the Federal Reserve’s policy meeting later in the day.
On the New York Mercantile Exchange, light sweet crude futures for delivery in March traded at USD97.50 a barrel during U.S. morning trade, down 0.1% on the day.
New York-traded oil prices rose by as much as 0.7% earlier in the day to hit a session high of USD98.24 a barrel, the strongest level since September 17.
Prices traded at USD97.61 a barrel prior to the release of the supply data.
The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 5.9 million barrels in the week ended January 25, compared to expectations for an increase of 2.58 million barrels.
Total U.S. crude oil inventories stood at 369.1 million barrels as of last week.
The report also showed that total motor gasoline inventories decreased by 1 million barrels, compared to expectations for a decline of 0.1 million barrels.
Market participants were now looking ahead to the outcome of the Federal Reserve’s latest policy setting meeting later in the trading day. The U.S. central bank was expected to reaffirm its commitment to its easing program until the unemployment rate falls below 6.5%.
Data released earlier in the day showed that the U.S. economy contracted by 0.1% in the fourth quarter, defying expectations for growth of 1.1% and a sharp slowdown from growth of 3.1% in the preceding quarter.
A separate report showed that the U.S. private sector added 192,000 jobs in January, above expectations for an increase of 165,000.
The U.S. is the world’s biggest oil-consuming country, responsible for almost 22% of global oil demand.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for March delivery added 0.1% to trade at USD114.50 a barrel, with the spread between the Brent and crude contracts standing at USD17.00 a barrel.