The FTSE 100 (FXCM: UK100) rose by 1.02% from yesterday's low to close at 6185 on crude oil prices trading higher. The weekly DOE U.S. Crude Oil Inventories report showed stockpiles declined by 4.9 million barrels vs. an expected build of 2.8 million (Bloomberg survey), which in turn has sent crude oil prices higher.

The FTSE 100 was also supported on a dovish tone to the FOMC meeting minutes published yesterday evening.

While some Fed members are ready to hike rates in April, some are not. Emphasis is being placed on weak global growth and how this may pose a risk to the U.S. economic outlook and in turn boost the U.S. Dollar. Net exports were cited in the minutes as one of the few factors currently weighing in on US growth.

In regards to the domestic economy, the Fed saw it broadly in line with earlier expectations and U.S. employment and wage growth were cited as support bases for the Fed to move forward with normalization.

From a technical point of view, the FTSE 100 remains trapped in the narrow price range of 6006-6237. With price trapped in this narrow range, it is difficult to know what might happen next. A break to the range is needed.

The resistance levels which come into play on a break to the upper limit of 6237 are the December 29 high of 6322 and the psychological level of 6400. On a break to the lower end of this range at 6006, the February 25 low of 5913 is the next most likely support level, followed by the January 24 low of 5843.

The ECB Rate meeting minutes are to be published today and so are latest U.S. Jobless Claims figures. This evening, the Fed's Yellen is set to speak in New York, with Greenspan, Bernanke, and Volcker.

FTSE 100 | FXCM: UK100

Created with Marketscope/Trading Station II; prepared by Alejandro Zambrano