Investing.com - West Texas Intermediate oil futures rose to the highest levels of the session on Wednesday, after data showed that oil supplies in the U.S. increased less than expected last week, while gasoline supplies fell more than forecast.
On the New York Mercantile Exchange, crude oil for delivery in December traded at $82.53 a barrel during U.S. morning hours, up $1.10, or 1.35%. Prices were around $82.15 a barrel prior to the storage report.
Futures were likely to find support at $79.44 a barrel, the low from October 27, and resistance at $83.15 a barrel, the high from October 22.
The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 2.1 million barrels in the week ended October 24, below expectations for a gain of 3.4 million barrels.
Total U.S. crude oil inventories stood at 379.7 million barrels as of last week.
The report also showed that total motor gasoline inventories decreased by 1.2 million barrels, compared to forecasts for a decline of 1.0 million barrels, while distillate stockpiles fell by 5.3 million barrels.
Meanwhile, market players are looking ahead to the outcome of the Federal Reserve's policy meeting later in the day, at which it is widely expected to announce the end of its bond-buying stimulus program, known as quantitative easing.
Investors will scrutinize the Fed's statement for wording that reflects expectations that interest rates will remain on hold near zero levels for a "considerable time."
Elsewhere, on the ICE Futures Exchange in London, Brent for December delivery tacked on $1.29, or 1.5%, to hit $87.30 a barrel.
London-traded Brent prices have fallen nearly 25% since June, when it climbed near $116, while WTI futures are down almost 24% from a recent peak of $107.50 in June.
Concerns over weakening global demand combined with indications that the Organization of the Petroleum Exporting Countries will not cut output to support oil markets have weighed on prices in recent weeks.
Some market analysts believe that only a cut in production by the oil cartel will halt the decline in prices.
Oil ministers from the 12-member group are scheduled to meet in Vienna on November 27 to consider whether to adjust their production target for early 2015.