As inventors await the conclusion of the Federal Reserve's monetary policy meeting later on Wednesday crude oil is almost flat trading below the $106.00 a barrel level. The US central bank is expected to reduce its massive stimulus program which would push the dollar higher.
Crude fell on Tuesday to the lowest in more than two weeks below $105.00 after Libya restored oil production. Meanwhile, diplomatic talks to eliminate Syria's chemical weapons have started, easing the worries over a possible disruption in Middle East’s oil supplies.
- Crude is trading around $105.60 a barrel after rising $0.18
- Brent is trading around $108.00 a barrel after falling $0.17
Supporting oil prices, however, was the fall in oil inventories in the world’s biggest oil consumer by 252,000 barrels last week, according to data from the American Petroleum Institute on Tuesday. Analysts expected a decrease of 1.4 million barrels.
A report today from the Energy Information Administration may show that US oil stockpiles dropped by 1.2 million barrels last week to 358 million, and gasoline inventories probably advanced by 500,000 barrels last week.
- Natural gas is trading at $3.748 per cubic feet after rising 0.08%
- Gasoline is trading at $2.6595 per cubic feet after falling 0.06%
- Heating oil (diesel) is trading at $2.9884 a gallon after falling 0.33%
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Crude Flat Ahead Of Fed Meeting
Published 09/18/2013, 05:21 AM
Updated 07/09/2023, 06:31 AM
Crude Flat Ahead Of Fed Meeting
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