Crude oil extended its losses on Tuesday as investors turn cautious before the Federal Reserve's two-day policy meeting that starts today. Also, the diplomatic resolution to the Syrian crisis calmed worries that crude supply from the Middle East is at risk.
The Fed begins its two-day meeting later on Tuesday and is expected to cut its monthly $85-billion bond purchases by at least $10 billion. This would fuel a rally in the U.S. dollar which could push the dollar-dominated commodities such as oil lower.
- Crude is trading around $105.98 a barrel down $0.61
- Brent is trading around $109.82 a barrel down $0.25
The non-military solution to Syria’s crisis has eased worries, yet tensions have not completely faded after the US, Britain, and France warned Bashar al-Assad that there would be consequences if he fails to hand over the country`s chemical arsenal.
Adding to the downside pressures on oil prices is the recovery in oil production from Libya, and Mexico reopening its oil-export terminals as Hurricane Ingrid weakened. Meanwhile, US crude inventories probably fell last week by 1 million barrels, the EIA report may show tomorrow.
- Natural gas is trading at $3.765 per cubic adding 0.72%
- Gasoline is trading at $2.7169 per cubic feet higher by 0.01%
- Heating oil (diesel) is trading at $3.0561 a gallon down 0.25%
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Crude Extends Losses Ahead Of Fed Meeting
Published 09/17/2013, 04:41 AM
Updated 07/09/2023, 06:31 AM
Crude Extends Losses Ahead Of Fed Meeting
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