Crude Oil futures stayed higher Tuesday ahead of today's release of U.S. energy supply data. Light, sweet crude for May delivery settled at $86.84 a barrel on the New York Mercantile Exchange.
Oil wavered most of the day Tuesday as a shaky stock market and strong Dollar weighed on Crude prices. Crude did receive a boost following the release of minutes from the FOMC meeting which signaled that monetary policy is unlikely to tighten in the near future, boosting commodities as an alternative investment.
For today, traders should follow the release of the U.S Crude Oil inventory data which are expected to show a decline in inventories. Better than or as expected results may help push Oil prices closer to the $90 a barrel level.