The energy commodity snapped three-straight sessions of losses amid speculation that consumers in the globe's top consumer of oil might be poised to consume even more oil. Inventories of crude oil are likely to plunge to their lowest level in eight months, according to a Bloomberg survey regarding a report scheduled for release on Wednesday by the U.S. Energy Department.
But Dow Jones Newswires reports the Federal Open Market Committee was scheduled to announce its next steps to spur the slumping economy while the monetary units of emerging markets suffered while focus sharpened on the U.S. central bank. The FOMC is the policy-making arm of the U.S. Federal Reserve.
"There's optimism that the Fed Open Market Committee will announce additional measures (Wednesday) to boost economic growth," broker Tom Bentz with BNP Paribas Commodity Futures in New York told Bloomberg.
At 12:10 p.m. on Wednesday, crude oil futures gained 1.34 percent, a $1.48 increase to $112.02 per barrel.
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