Crude oil futures settled notably higher on Tuesday, ahead of weekly crude inventory data.
Optimism about increased demand China after policymakers pledged support to shore up growth in the world's second largest economy pushed up oil prices.
A somewhat subdued dollar contributed a bit to the jump in oil prices.
West Texas Intermediate Crude oil futures for September ended higher by $0.89 or about 1.1% at $79.63 a barrel, the highest settlement since mid April.
Brent crude futures were up $0.75 or 0.9% at $83.23 a barrel a little while ago.
The Federal Reserve, scheduled to announce its monetary policy on Wednesday, is widely expected to raise interest rate by 25 basis points.
The European Central Bank and the Bank of Japan are scheduled to announce their rat decisions on Thursday and Friday, respectively.
The American Petroleum Institute (API) will release its weekly oil report later today, while the Energy Information Administration (EIA)'s report is due Thursday morning.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2215650/
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