Crude oil fell for the second day amid concerns over when the US Federal Reserve will scale back its stimulus program. Caution is rising as investors await the minutes from the U.S. central bank`s latest policy meeting due Wednesday.
While many investors believe the Fed will start tapering its bond-buying program next month, weighing on global market sentiment, US government data tomorrow may show that crude stockpiles dropped to the lowest level since September.
Crude is trading around $106.28 a barrel after falling $0.82
Brent is trading around $109.14 a barrel after falling $0.76
While the market is well supplied, traders are more concerned about the downside risks from any change in the Fed stimulus policy, which could boost the US dollar. China’s flash manufacturing PMI data will be closely followed this week for clues on demand growth.
Yet, Egypt’s persistent unrest and reduced oil product supply from Libya kept a floor under prices. Investors are worried that Egypt’s crisis could spread throughout the Middle East or maybe lead to the closure of the Suez Canal, disrupting oil supplies.
Natural gas is trading at $3.463 per cubic feet after falling 0.01%
Gasoline is trading at $2.9075 per cubic feet after falling 0.88%
Heating oil (diesel) is trading at $3.0529 a gallon after falling 0.59%
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Crude Oil Drops As Investors Await Fed Minutes
Published 08/20/2013, 03:59 AM
Updated 07/09/2023, 06:31 AM
Crude Oil Drops As Investors Await Fed Minutes
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