Investing.com - U.S. oil futures added to losses to hit the lowest levels of the session on Wednesday, after government data showed that U.S. oil supplies rose more-than-expected last week.
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On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in March fell to a session low of USD96.41 a barrel, before trimming losses to trade at USD96.74 during U.S. morning hours, down 0.7%.
Nymex oil prices traded at USD96.71 a barrel prior to the release of the supply data.
WTI oil prices settled up 1.77% on Tuesday to end at USD97.41 a barrel. Nymex oil futures were likely to find support at USD95.21 a barrel, the low from January 27 and resistance at USD97.80 a barrel, the high from January 24.
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 January 24, compared to expectations for an increase of 2.4 million barrels.
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, while distillate stockpiles declined by 4.6 million barrels.
Market players prepared for the outcome of the Federal Reserve’s policy meeting later in the day, amid expectations for a USD10 billion reduction in the central bank’s now USD75-billion-a-month stimulus program.
The policy meeting will mark the last for outgoing Fed Chairman Ben Bernanke, as current Vice Chair Janet Yellen prepares to take over. The central bank announced its first cut to its USD85 billion in monthly bond purchases in December, citing an improving economy.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for March delivery was little changed to trade at USD107.40 a barrel, while the spread between the Brent and U.S. crude contracts stood at USD10.66 a barrel.