Investing.com - U.S. oil futures rallied to a one-week high on Tuesday, as investors awaited key weekly supply data to gauge the strength of oil demand from the world’s largest consumer.
On the New York Mercantile Exchange, crude oil for delivery in November rose to a session high of $92.91 a barrel, the most since September 9. Prices were last trading at $92.71 during U.S. morning hours, up 72 cents, or 0.79%.
Futures were likely to find support at $89.76 a barrel, the low from September 15 and resistance at $93.61 a barrel, the high from September 7.
A day earlier, U.S. oil prices tacked on 62 cents, or 0.68%, to end at $91.99 a barrel.
Oil traders awaited the release of fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of 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 fell by 1.8 million barrels in the week ended September 12.
Investors also shifted their focus to the Federal Reserve's upcoming policy meeting, due to begin later Tuesday, amid speculation the U.S. central bank could adopt more hawkish language.
The dollar remained well bid as the Fed was expected to cut its asset purchase program by another $10 billion, which would keep it on track for winding up the program in October, and to start raising interest rates sometime in mid-2015.
Oil prices typically weaken when the U.S. currency strengthens as the dollar-priced commodity becomes more expensive for holders of other currencies.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for November delivery added 94 cents, or 0.96%, to hit $98.82 a barrel during early U.S. trade on Tuesday.
London-traded Brent prices lost 8 cents, or 0.08%, on Monday to settle at $97.88 amid concerns weakening global economic growth will reduce demand for the commodity.