WTI crude futures climbed 2.76% to trade near $102.66 as market participants awaited the weekly petroleum inventory data.
The December contract traded between $99.75 and $102.75 during the current session that opened late Tuesday. Prices have fluctuated within a broader range of $96.26 to $103.92 over the last five trading days. The twenty-session range extends from $86.86 to $110.48.
Traders focused on the upcoming Energy Information Administration report scheduled for release later today. The previous data showed a draw of 3.1 million barrels in crude inventories. Stocks remained approximately 3% below the five-year average in that earlier assessment. Product balances warrant attention alongside crude figures as finished fuel stocks struggle to rebuild.
The US Dollar Index edged up 0.05% to stand at 102.37. Tighter monetary policy might dampen growth outlooks despite tight stockpiles.
Market participants see resistance near $105 after prices moved above the $100 mark. Support appears near $97.50 and potentially closer to $95 where the 50-day exponential moving average sits. A buy-the-dip mentality appears present while Brent remains stronger than WTI.
The Federal Reserve rate decision is due at 18:00 UTC on Wednesday. The central bank will release its statement at the same time followed by a press conference thirty minutes later. US GDP Price Index data is scheduled for release at 12:30 UTC on Thursday.
Sources: Yahoo Finance quotes, ForTraders economic calendar.
