West Texas Intermediate futures for January delivery is currently at $37.11 (-0.64%), while Brent crude is at $38.59 (+0.36%) after gains generated late Tuesday when sources reported that congressional leaders agreed to lift the oil exports ban, which lasted for 40 years. The House and Senate need to pass this bill and U.S. President Barack Obama must sign it. This deal could help the U.S. reduce its crude oil inventories.

Investors await the Fed's interest rate decision and crude inventories data from the Energy Information Administration.