|09-17-2014, 02:36 PM||#1|
Brent steadies below $99 after OPEC remarks
Brent crude was stuck in a tight trade early Wednesday, failing to hold above $99 after posting strong gains in the previous session amid ongoing uncertainty about the rising global supplies.
The sentiment in the oil market is still dominated by worries about slowing global growth and ample supplies of course, which drove futures to fresh lows this week. However, remarks by the Organization of the Petroleum Exporting countries (OPEC)`s secretary general Abdullah al-Badri helped soothe the tension about global supply glut, as he said the group could cut its 2015 production goal by 500 thousand barrels a day.
- West Texas Intermediate for October delivery fell 0.34% to $94.56 a barrel on the New York Mercantile Exchange
- Brent for October delivery fell 0.27% to $98.78 a barrel on the ICE Exchange in London
Meanwhile, the firmer U.S. dollar is still taking a toll on dollar-denominated commodities, while equities staged a rebound early today as traders look to the outcome of the Federal Reserve`s policy meeting, which concludes this evening, for trading clues.
The FOMC decision at 2:00 p.m. ET is expected to leave policy rates unchanged. Market focus will be on guidance for rates. Little is expected on changes to taper. There may be discussion of preparing for actual unwinding of the Fed`s balance sheet. Also, the Fed will release its quarterly forecasts at the same time as the statement, briefed by Janet Yellen, the Fed chief.
Lower crude output from Libya also underpinned oil prices. The National Oil Corp said yesterday that output at its El-Sharara oil field has been reduced after rockets landed close to the nearby 120,000 bpd Zawiya refinery.
Despite the overnight price gains, oil investors remained worried about the global economic outlook, the strength of the U.S. dollar and the outcome of an independence vote in Scotland that could stir financial markets.
The USDIX stood slightly lower around 84.02 and slightly pushing lower from the previous close of 84.06.
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