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Crude oil prices turned higher on Tuesday as investors awaited the Energy Information Administration inventory report tomorrow, as well as jobs data and the interest rate decision.
Light sweet crude for December rose to $79.06 a barrel, up 93 cents on the session. Prices reached as high as $79.77.
The is expected to report inventory data at 10:30 a.m. ET tomorrow. Experts predicted a rise of 1.3 million barrels in crude oil for the week ended October 30. Gasoline stocks are expected to add 800,000 barrels, while distillates are projected to fall 1 million barrels.
The lesser-watched American Petroleum Institute report is due after the close of floor trading today.
On the economic front on Tuesday, a Commerce Department report showed that factory orders increased by 0.9 percent in September following an unrevised 0.8 percent decrease in August. The increase in orders came in slightly above economist estimates for an increase of about 0.8 percent.
The Federal Open Market Committee's two-day policy meeting began on Tuesday. Rates are expected to be left unchanged near zero when the announcement is made public tomorrow afternoon, but traders will watch accompanying comments for clues on future moves.
Also tomorrow, the ADP employment report is due at 8:15 a.m. ET. Jobs are expected to decline 190,000 in October, compared to a drop of 254,000 in September.
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