Crude oil fell for another day on Tuesday as concerns about the possible tightening of monetary policy in the United States were renewed, offsetting support from continuing oil supply disruption in Libya. US stockpiles seen dropping.
Markets will be closely monitoring the minutes of the Federal Open Market Committee's October meeting scheduled for Wednesday for further hints on tapering the monthly $85 billion bond purchases.
Comments from New York Fed President William Dudley weighed on sentiment as he expressed his optimism over the US's economic recovery, which was seen as a sign that the central bank might reduce its stimulus program soon.
- WTI crude oil futures for January is trading around $ 93.49 a barrel after falling $0.14
- Brent futures for January settlement is trading around $ 108.10 a barrel after falling $0.37
The Western countries and Iran will meet in Geneva on November 20-22 to try to forge an interim deal on Tehran's nuclear program. Any agreement could mean sanctions will be lifted, increasing market supply and depressing oil prices.
Meanwhile, the supply disruptions in Libya prevented prices from falling further. Fighting between rival militias and industrial unrest has spread across the country, causing its crude exports to fall by more than 1 million bpd over the past six months.
The American Petroleum Institute will release its weekly data later on Tuesday while the US Energy Information Administration will report its data on Wednesday. Crude stockpiles probably shrank by 1 million barrels last week.
- Natural gas is trading at $ 3.627 per cubic feet after rising 0.28%
- Gasoline is trading at $ 2.6493 per cubic feet after falling 0.28%
- Heating oil (diesel) is trading at $ 2.9124 a gallon after falling 0.34%
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Crude Falls For Another Day On Rising Caution Before Fed Comments
Published 11/19/2013, 04:41 AM
Updated 07/09/2023, 06:31 AM
Crude Falls For Another Day On Rising Caution Before Fed Comments
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