Investing.com - Crude oil futures swung between small gains and losses on Wednesday, as investors looked ahead to U.S. weekly supply data to gauge the strength of oil demand from the world’s largest consumer.
On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in April traded in a range between $102.04 a barrel and $102.61 a barrel.
Nymex oil prices last traded at $102.00 a barrel during European morning hours, down 0.1%.
The April contract rallied to $102.66 a barrel on Tuesday, the most since October 10, before trimming gains to settle at $102.10 a barrel, up 1.97%, amid speculation frigid weather conditions in the U.S. Northeast will boost demand for oil products, such as heating fuel.
Nymex oil futures were likely to find support at $100.05 a barrel, the low from February 18 and resistance at $102.66 a barrel, the high from February 18.
The American Petroleum Institute will release its inventories report later in the day, while Thursday’s government report could show crude stockpiles rose by 1.8 million barrels in the week ended February 14.
The data was also expected to show that distillate stockpiles, including heating oil and diesel, decreased by 1.8 million barrels.
The report comes out one day later than usual due to the President’s Day holiday in the U.S. on Monday.
Meanwhile, market players awaited the release of the minutes of the Federal Reserve’s January meeting later in the day, at which it opted to cut another $10 billion from its monthly asset purchase program.
Earlier this month Fed Chair Janet Yellen indicated that the central bank is on track to maintain the pace of reductions to its stimulus program, as long as the economy continues to improve as expected.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for April delivery declined 0.35% to trade at $110.07 a barrel, while the spread between the Brent and U.S. crude contracts stood at $8.07 a barrel.
London-traded Brent prices rose to a seven-week high of $110.70 a barrel on Tuesday, amid reports that protests in Libya have disrupted oil operations and as South Sudanese rebels seized control of an oil-producing region in the country.