Crude oil swung between gains and losses as a series of US government data is due this week, including industrial production figures, while the US Federal Reserve's two-day policy meeting from Tuesday is be closely watched.
The US economic data may signal when the US Federal Reserve will begin scaling back monetary stimulus in the world’s biggest crude consumer. Weaker numbers will indicate a possible drop in demand for oil which may push prices lower.
- WTI crude oil futures for December is trading around $97.55 a barrel after falling $0.30
- Brent futures for December settlement is trading around $107.18 a barrel after rising $0.25
Despite signs of faster economic growth in China, concerns about higher supply and faltering demand persist. A shift in the US monetary policy is seen unlikely, with analysts expecting a hold for the rest of the year amid surprisingly weak data.
While the market is also keeping an eye on talks between experts from Iran and six world powers on October 30-31 preparing for the next high-level talks over the nuclear program, Iraq’s crude exports dropped last month to 62.1 million barrels amid maintenance.
- Natural gas is trading at $3.627 per cubic feet after falling 2.16%
- Gasoline is trading at $2.5889 per cubic feet after rising 0.07%
- Heating oil (diesel) is trading at $2.9099 a gallon after rising 0.01%
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Crude Hovers Around $97.50 Ahead Of Fed Meeting
Published 10/28/2013, 06:19 AM
Updated 07/09/2023, 06:31 AM
Crude Hovers Around $97.50 Ahead Of Fed Meeting
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