By Sarah Turner and Barbara Kollmeyer, MarketWatch
MADRID (MarketWatch) — Oil futures inched higher on Thursday in European trading hours, ahead of the conclusion of a two-day interest-rate meeting at the U.S. Federal Reserve.
Crude for October delivery CLV2 +0.27% went from mostly flat in Asia to a gain of 16 cents to $97.17 a barrel in electronic trading on the New York Mercantile Exchange.
Crude-oil futures ended lower Wednesday, breaking a five-session winning streak, after a government update showed a surprise increase in oil inventories. Read more on Wednesday's oil market action.
Gains ahead of Wednesday’s trading session were made amid strengthening expectations that the U.S. Federal Reserve will wrap up its two-day interest rate meeting on Thursday with an announcement that it will start another bond-buying program.
Energy traders were also keeping an eye on developments in the Middle East after the U.S. ambassador to Libya was killed in Benghazi on Tuesday. Protesters on Thursday stormed the grounds of the U.S. embassy in Yemen. Read: Protesters attack U.S. embassy in Yemen .
October gasoline RBV2 -0.23% eased 1 cent to $3 a gallon while heating oil for the same month HOV2 +0.25% traded flat at $3.21 a gallon.
Natural gas for October delivery NGV12 -0.62% was off 1 cent to $3.05 per million British thermal units.
Sarah Turner is MarketWatch's bureau chief in Sydney.
