Investing.com - U.S. oil futures edged higher on Tuesday, as investors began to focus on the Federal Reserve''s upcoming policy meeting.
On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in June held in a range between $100.82 a barrel and $101.25.
Nymex oil last traded at $101.20 a barrel during European morning hours, up 0.35%, or 35 cents. Prices fell to $100.33 a barrel on Monday, the lowest since April 7, before settling at $100.84, up 0.24%, or 24 cents.
Futures were likely to find support at $99.95 a barrel, the low from April 7 and resistance at $102.05 a barrel, the high from April 25.
Traders looked ahead to the Fed’s monetary policy statement due on Wednesday. The central bank is likely to stick to its timetable to trim its monthly bond purchases by another $10 billion.
Oil traders also awaited the release of fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of oil demand in the world’s largest oil consumer.
The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles rose by 1.9 million barrels in the week ending April 25.
Crude oil inventories rose by 3.5 million barrels last week to hit at an all-time high of 397.7 million.
Meanwhile, investors continued to monitor events in Ukraine, as hostilities between Kiev and Russia remain high. The U.S. and European Union imposed fresh sanctions against Russia on Monday.
17 companies and 7 individuals in all were U.S. targets in this round of sanctions, which come amid mounting tension over eastern Ukraine.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for June delivery eased up 0.41%, or 45 cents, to trade at $108.57 a barrel, while the spread between the Brent and U.S. crude contracts stood at $7.37 a barrel.