• 11 hours U.S. Oil Production To Increase in November As Rig Count Falls
  • 13 hours Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 15 hours Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 16 hours EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 18 hours Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 19 hours Aramco Says No Plans To Shelve IPO
  • 3 days Trump Passes Iran Nuclear Deal Back to Congress
  • 3 days Texas Shutters More Coal-Fired Plants
  • 4 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 4 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 4 days Chevron Quits Australian Deepwater Oil Exploration
  • 4 days Europe Braces For End Of Iran Nuclear Deal
  • 4 days Renewable Energy Startup Powering Native American Protest Camp
  • 4 days Husky Energy Set To Restart Pipeline
  • 4 days Russia, Morocco Sign String Of Energy And Military Deals
  • 5 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 5 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 5 days India Needs Help To Boost Oil Production
  • 5 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 5 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 5 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 5 days District Judge Rules Dakota Access Can Continue Operating
  • 6 days Surprise Oil Inventory Build Shocks Markets
  • 6 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 6 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 6 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 6 days Oil M&A Deals Set To Rise
  • 6 days South Sudan Tightens Oil Industry Security
  • 6 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 6 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 7 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
  • 7 days Record U.S. Crude Exports Squeeze North Sea Oil
  • 7 days Iraq Aims To Reopen Kirkuk-Turkey Oil Pipeline Bypassing Kurdistan
  • 7 days Supply Crunch To Lead To Oil Price Spike By 2020s, Expert Says
  • 7 days Saudi Arabia Ups November Oil Exports To 7-Million Bpd
  • 7 days Niger Delta State Looks To Break Free From Oil
  • 7 days Brazilian Conglomerate To Expand Into Renewables
  • 7 days Kurdish Independence Could Spark Civil War
  • 7 days Chevron, Total Waiting In The Wings As Shell Mulls Majnoon Exit
  • 8 days The Capital Of Coal Is Looking For Other Options
Alt Text

Say ‘So Long’ To The Oil Rally

Crude oil prices fell again…

Alt Text

Mass EV Adoption Could Lead To $10 Oil

As the adoption of electric…

Forex Pros

Forex Pros

Forex Pros offers a diverse set of professional tools for Forex, Futures and CFDs. These include real-time data streams, technical and fundamental analysis by in-house…

More Info

Crude Oil Prices Drop Ahead of federal Reserve Meeting

Crude oil futures edged lower on Wednesday, as traders positioned themselves ahead of the outcome of the Federal Reserve’s monetary policy meeting later in the day and a government report on U.S. crude supplies.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in November traded at USD86.36 a barrel during European morning trade, retreating 0.64%.   

It earlier fell as much as 0.75% to trade at a daily low of USD86.28 a barrel.

The Fed’s Open Market Committee was to conclude its two-day policy meeting later in the day, amid speculation that the central bank could introduce fresh stimulus measures to boost U.S. economic growth.

Many market participants expect the Fed to opt for a move known as ‘Operation Twist’, a combination of buying and selling of shorter and longer term Treasury bonds in order the bend the yield curve.

Oil traders were also awaiting fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of oil demand in the world’s largest oil consumer.

The data was expected to show that U.S. crude oil stockpiles fell by 1.5 million barrels, while gasoline supplies were forecast to rise by 1.35 million barrels.

After markets closed Tuesday, the American Petroleum Institute, an industry group, said that U.S. crude inventories rose by 2.57 million barrels, while total gasoline supplies rose by 0.62 million barrels, painting a mixed picture of U.S. energy demand.

Concerns over the outlook for global growth also weighed on crude prices. The International Monetary Fund on Tuesday downgraded its global growth outlook for 2012 to 4% from a previous estimate of 4.3%, saying that the world economy has entered a "dangerous new phase".

The IMF revised down its forecast for U.S. economic growth to 1.5% for the rest of 2011 and 1.8% in 2012, down from its June estimate of 2.5% and 2.7% respectively.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for November delivery added 0.3% to trade at USD110.58 a barrel, up USD24.22 a barrel on its U.S. counterpart.

By. ForexPros.com

Forex Pros offers a diverse set of professional tools for Forex, Futures and CFDs. These include real-time data streams, technical and fundamental analysis by in-house experts, and a widely used economic calendar.




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News