Oil will be key for Wall Street on Wednesday as the U.S. Energy Information Administration is due to report weekly crude oil inventories mid-morning.
U.S. crude oil futures held lower in late trade Tuesday after reports that the American Petroleum Institute's weekly crude inventory report showed a greater-than-expected build of 8.8 million barrels, according to StreetAccount.
On Tuesday, U.S. crude oil futures settled 7 cents lower at $41.45 a barrel. Earlier, WTI hit a new 2016 high of $41.90 a barrel, within $1 of its 200-day moving average of $42.55 a barrel. Oil hasn't traded above its 200-day moving average since July 30.