{"id":45597,"date":"2013-12-19T07:37:49","date_gmt":"2013-12-19T12:37:49","guid":{"rendered":"http:\/\/countingpips.com\/forex-news\/?p=45597"},"modified":"2013-12-19T07:37:49","modified_gmt":"2013-12-19T12:37:49","slug":"wti-crude-close-to-one-week-high-fed-to-begin-tapering","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex-news\/2013\/12\/19\/wti-crude-close-to-one-week-high-fed-to-begin-tapering\/","title":{"rendered":"WTI Crude Close to One-Week High; Fed to Begin Tapering"},"content":{"rendered":"

By HY Markets Forex Blog<\/a><\/u><\/strong> <\/p>\n

WTI crude traded close to its highest price in a week, following the Federal Reserve\u2019s announcement to reduce its monthly purchases and the drop in U.S crude stockpiles.<\/p>\n

Futures were trading slightly flat after U.S crude inventories declined by 2.94 million barrels \u00a0to 372.3 million barrels in the week ended Dec 13, dropping for a third week, reports from the Energy Information Administration confirmed. \u00a0The Federal Reserve (Fed) announced it will begin to reduce its $85 billion monthly bond purchases to $75 billion, starting next year January, Fed Chairman Ben S. Bernanke said.<\/span><\/p>\n

\u201cThe Fed has given an endorsement to the growth that\u2019s coming through with this decision,\u201d Chief strategist at CMC Markets Michael McCarthy said. \u201cFrom a technical point of view, West Texas is bumping up against resistance,\u201d he added.<\/p>\n

West Texas Intermediate for January delivery came in at $97.71 per barrel on the New York Mercantile Exchange at the time of writing. While the European benchmark for February settlement declined 0.2% to $109.41 per barrel on the ICE Futures Europe exchange. Brent crude was at a premium of $11.42 to WTI for the same month.<\/p>\n

WTI Crude –\u00a0Federal Reserve Tapering <\/span><\/h2>\n

On Wednesday, the Federal Reserve (Fed) concluded its two-day meeting with an announcement to begin scaling-back on the central bank\u2019s monthly asset purchases by reducing it by $10 billion.<\/p>\n

The Federal Reserve\u2019s purchases will be divided into $35 billion in mortgage bonds and $40 billion in Treasuries starting from January next year, the Fed Chairman confirmed.<\/p>\n

The unemployment rate dropped to 7% in November, dropping to the lowest level in five years. According to the International Energy Agency, the US; the largest oil consumer in the world, is expected to account for nearly 21% of global demand this year.<\/strong><\/p>\n

WTI Crude –\u00a0Fuel Supplies <\/span><\/h2>\n

A report from EIA showed that crude stockpiles in Oklahoma dropped by 600,000 barrels to 40.6 million in the week ended December 13.<\/p>\n

Gasoline inventories added 1.34 million barrels; lower than analysts\u2019 forecast of a 1.5 million rise, a report from the Energy Department Statistical arm confirmed.<\/p>\n

 <\/p>\n

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The post WTI Crude Close to One-Week High; Fed to Begin Tapering<\/a> appeared first on | HY Markets Official blog<\/a>.<\/p>\n

Article provided by HY Markets Forex Blog<\/a><\/u><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

By HY Markets Forex Blog WTI crude traded close to its highest price in a week, following the Federal Reserve\u2019s announcement to reduce its monthly purchases and the drop in U.S crude stockpiles. Futures were trading slightly flat after U.S crude inventories declined by 2.94 million barrels \u00a0to 372.3 million barrels in the week ended … <\/p>\n

Continue reading “WTI Crude Close to One-Week High; Fed to Begin Tapering”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-45597","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/45597","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/comments?post=45597"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/45597\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/media?parent=45597"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/categories?post=45597"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/tags?post=45597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}