U.S. Oil Fund (NYSEArca: USO) has gained 22% from its 2012 low and continued to trade higher Wednesday as investors awaited the Federal Reserve statement.
Crude futures in New York rose above $98 a barrel after bottoming around $81 in June of last year.
Oil prices were rising after the Commerce Department on Wednesday said U.S. gross domestic product fell at a 0.1% annual rate in the fourth quarter. The report surprised economists who were expecting the U.S. economy to expand.
USO, the oil ETF, has been rallying on a weaker U.S. dollar with many investors positioning for more quantitative easing from the Fed.