Investing.com - U.S. oil futures edged lower on Tuesday, as investors began to focus on the Federal Reserve's upcoming policy meeting as well as weekly supply data from the U.S.
On the New York Mercantile Exchange, crude oil for delivery in September dipped 0.04%, or 4 cents, to trade at $101.63 a barrel during European morning hours. Nymex oil prices held in a tight range between $101.32 and $101.68.
U.S. oil futures shed 0.41%, or 42 cents, on Monday to settle at $101.67. New York-traded oil futures were likely to find support at $100.90 a barrel, the low from July 28 and resistance at $102.53 a barrel, the high from July 25.
Traders looked ahead to the Fed’s monetary policy statement due on Wednesday. The central bank is likely to stick to its timetable to taper its monthly bond purchases by another $10 billion to a total of $25 billion a month.
Meanwhile, Wednesday’s preliminary estimate on second quarter economic growth and Friday’s U.S. jobs report for July were both expected to indicate that the economic recovery is continuing.
Oil traders also 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 million barrels in the week ending July 25.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for September delivery inched up 0.19%, or 20 cents, to trade at $107.78 a barrel.
London-traded Brent prices remained supported as tensions between Russia and the West over the situation in Ukraine remained high, while fighting between Israel and Hamas militants in Gaza also remained in focus.