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Oil above $98 on supplies

The price of oil rose nearly 2 percent Tuesday, reversing the losses from the previous two sessions. Benchmark U.S. crude for March delivery gained $1.69, or 1.8 percent, to close at $97.41 on the New York Mercantile Exchange. 

Two events could drive trading today: The latest report on U.S. oil supplies and the conclusion of a two-day meeting of the Federal Reserve's monetary policy committee.  

Fed officials are widely expected to reduce the central bank's monthly bond buying that has underpinned an economic recovery. 

Oil prices have benefited from the Fed's stimulus because it has kept the dollar from strengthening and because low interest rates have attracted investors to commodities like crude oil in search of higher profits.

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