oil gains before supplies report fed decision
Last Updated : GMT 08:21:11
Arab Today, arab today
Arab Today, arab today

Oil gains before supplies report, Fed decision

Arab Today, arab today

Arab Today, arab today Oil gains before supplies report, Fed decision

In early afternoon London deals
London - AFP

Oil nudged higher Wednesday as investors awaited a report on US crude inventories and the end of a Federal Reserve policy meeting, hoping for clues about the path for interest rates.

Analysts expect the report by the US Energy Information Administration later Wednesday to show a rise in stockpiles for the week ending October 23.

A build-up in the inventories is typically interpreted as a sign of softer demand in the world's top oil-consuming nation and a dampener on prices.

The mild autumn weather over much of the country, coupled with generous production of both oil and natural gas, has added to the oversupply and stockpiles are near all-time highs.

In early afternoon London deals, Brent North Sea crude for December delivery was down 26 cents at $47.07 per barrel.

US benchmark West Texas Intermediate (WTI) for delivery in December dipped 30 cents to $43.50 a barrel compared with Tuesday's close.

The weakness in oil prices "mostly comes from anticipation of Wednesday's release of the US crude inventories", said Daniel Ang, an investment analyst with Phillip Futures in Singapore.

Ang said the market is also awaiting the results of a meeting of the US central bank's Federal Open Market Committee (FOMC), with the focus on the timing of an interest rate increase.

The meeting ends later Wednesday at 1800 GMT, with expectations the Fed will keep rates at record lows near-zero owing to weakness in the US and global economies, especially in China.

"We do not expect the FOMC to change policy this week," Nomura Securities said in a market commentary.

A majority of policy board members do not "seem convinced that action is needed at this moment, given the mixed nature of recent economic data and the ongoing fragility of financial markets", it said.

Any indication rates could be raised in the near term could hit oil prices. Higher rates tend to boost the dollar, making dollar-priced crude more expensive to buyers using weaker currencies.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil gains before supplies report fed decision oil gains before supplies report fed decision

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil gains before supplies report fed decision oil gains before supplies report fed decision

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Europe turns on Facebook, Google

GMT 02:26 2017 Monday ,20 November

Europe turns on Facebook, Google
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Mona Abdel Ghany increased artistic activities

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday