Investing.com – NYMEX crude oil prices rose during Asian trading hours on Thursday after Federal Reserve decided to cut USD10 billion from its USD75 billion monthly bond-buying program and U.S. supply data disappointed investors.
On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in March traded at USD97.62 a barrel during Asian trading, up 0.26%.
On Wednesday, the New York-traded oil futures hit a session low of USD97.38 a barrel and a high of USD97.59 a barrel. The March contract settled at USD97.42 a barrel.
Nymex oil futures were likely to find support at USD95.22 a barrel, Monday''s low, and resistance at USD97.65 a barrel, Tuesday''s high.
Meanwhile on Wednesday, the U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 6.4 million barrels in the week ended Jan. 24, far beyond expectations for an increase of 2.3 million barrels, which sent prices falling by fanning fears the country remains awash in supply.
Total U.S. crude oil inventories stood at 357.6 million barrels as of last week.
The report also showed that total motor gasoline inventories decreased by 819,000 barrels compared to forecasts for a gain of 1.1 million barrels.
Distillate stockpiles, which include diesel and heating oil, declined by 4.6 million barrels, outpacing market calls for a drop of 2.2 million barrels, which cushioned oil''s losses somewhat.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for March delivery were down 0.01% and trading at 107.79 a barrel, while the spread between the Brent and U.S. crude contracts stood at USD10.17 a barrel.