Crude oil is extending its losses amid caution ahead of the release of minutes from the Federal Reserve`s July policy meeting. Investors are awaiting more clues on the Fed's stimulus strategy.
The market will also be looking for any comments from Fed officials. Although the market is well supplied, traders are concerned about the downside risks from any change in the Fed's 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.
Crude is trading around $104.68 a barrel after falling $0.43
Brent is trading around $109.70 a barrel after falling $0.45
Support however was found from the American Petroleum Institute report yesterday which showed that crude inventories dropped by $1.2 million barrels last week; the Energy Information Administration report today may indicate stockpiles fell by $1.5 million.
Meanwhile, worries over supplies persist, as the political crisis in Egypt continues to keep fears over a possible shutdown of the Suez Canal, while about half of Libya`s more than 1.2 million barrel a day export capacity remains shut down due to civil unrest.
Natural gas is trading at $3.429 per cubic feet after falling 0.44%
Gasoline is trading at $2.9295 per cubic feet after rising 0.08%
Heating oil (diesel) is trading at $3.0687 a gallon after falling 0.32%
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Crude Oil Experiences Loss Ahead Of Fed Minutes
Published 08/21/2013, 04:04 AM
Updated 07/09/2023, 06:31 AM
Crude Oil Experiences Loss Ahead Of Fed Minutes
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