Investing.com

Investing.com - U.S. oil futures turned lower on Wednesday, after a U.S. government report showed that oil supplies rose much more-than-expected last week.



On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in May held in a range between $98.40 a barrel and $99.19 a barrel.



WTI oil last traded at $98.85 a barrel during U.S. morning hours, down 0.03%, or 3 cents. Prices were at $98.99 a barrel prior to the release of the supply data.



The May contract rallied 1.29%, or $1.26, to settle at $98.88 a barrel on Tuesday. Nymex oil futures were likely to find support at $97.00 a barrel, the low from March 17 and resistance at $99.25 a barrel, the high from March 14.



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 March 14, above expectations for an increase of 2.6 million barrels.



Total U.S. crude oil inventories stood at 375.9 million barrels as of last week.



The report also showed that total motor gasoline inventories decreased by 1.5 million barrels, in line with forecasts, while distillate stockpiles declined by 3.1 million barrels, compared to expectations for a withdrawal of 0.7 million barrels.



Meanwhile, investors were jittery ahead of the Federal Reserve''s upcoming policy statement later in the day.



The U.S. central bank was widely expected to continue to roll back its bond purchasing program by $10 billion at the conclusion of its monthly meeting later Wednesday, the first with Janet Yellen at the helm.



Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for May delivery slumped 0.76%, or 81 cents, to trade at $105.98 a barrel, while the spread between the Brent and U.S. crude contracts stood at $7.13 a barrel.



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