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Crude Falls Ahead Of Fed Meeting; Libya Fails To Reopen Ports

ByICN.com
Published 12/16/2013, 04:22 AM
Updated 07/09/2023, 06:31 AM
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Crude oil fell at the start of the week as investors await the US Federal Reserve's decision on tapering its monetary stimulus on Wednesday, which has been a key driver of sentiment since last week.

A cut in the stimulus would boost the dollar, which will weigh on most commodities, including oil. Growth in jobs, retail sales, services and last week`s breakthrough budget deal in Washington increase taper bets lately.

Crude prices, however, may stay in range due to the support provided by Libya’s failure to reach a deal with tribal leaders to end the blockade of several oil-exporting ports. Investors now worry that Libya will slide into chaos.

Data earlier today showed the manufacturing sector in China, the world’s second largest oil consumer, expanded for the fifth straight month, yet the reading in December was the slowest in three months, which weighed on oil prices.

Investors are also watching to see if the US will expand its sanctions against Iran, which will threaten the implementation of the historic deal between Iran and world powers on Tehran's nuclear program.

- WTI crude oil futures for January is trading around $ 96.45 a barrel after falling $0.15

- Brent futures for January settlement is trading around $ 109.25 a barrel after rising $0.42

- Natural gas is trading at $ 4.281 per cubic feet after falling 1.61%

- Gasoline is trading at $ 2.6357 per cubic feet after rising 0.24%

- Heating oil (diesel) is trading at $ 2.9871 a gallon after rising 0.38%

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