West Texas Intermediate (WTI) crude regained losses after an upbeat manufacturing report from the US; meanwhile the spotlight is on Russia as the country prepares to hold talks with OPEC in Vienna.
Futures for the North American West Texas Intermediate (WTI) for October delivery fell 0.19% lower to $92.73 a barrel on the New York Mercantile Exchange. For December delivery, West Texas Intermediate (WTI) futures traded 0.10% lower to $91.26. Prices for the crude have fallen by 5.65 this year.
Prices for the European benchmark Brent crude for November settlement slid 4 cents to trade at $97.84 a barrel on the ICE Futures European exchange based in London.
As oil prices continues to fall, the market are expecting the commodity to be boosted by the upcoming meeting between Russian energy Minister Alexander Novak and officials from the Organization of the Oil Exporting Countries (OPEC) at the annual summit in Vienna.
The break below the $100 per barrel level on Brent futures hit Russia’s budget, of which 40% is oil sales.
Free Reports:
OPEC predicts the cold weather will increase the demand in crude and the recent fall is only temporary.
The Energy Information Administration is expected to release a crude inventories report on Wednesday, with analysts forecasting to see a fall of 1.5 million barrels last week to 357.1 million. In other news, the Federal Reserve will begin its policy meeting later in the day to review its policy and discuss the timing of the rate increases.
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