Oil futures rose Wednesday morning, as traders await a Federal Reserve policy decision as they continue to monitor developments around the Israel-Hamas war.
Investors were also awaiting the latest round of official U.S. petroleum inventory figures due later in the morning. Price action Market drivers WTI futures based on the front-month contract finished Tuesday at their lowest since Aug. 28, down 10.8% for the month, according to Dow Jones Market Data. Brent broke a streak of four straight monthly gains, falling 8.3% in October.
“The sheer unfathomable horror of the Israel-Hamas War continues to cast a very long shadow, but for the time being oil markets are assuming less risk of a widening conflict and potential for supply disruption, with the rise in response to the initial attack now almost completely unwound, with the focus turning to the weekly EIA inventories today,” Marc Ostwald, chief economist and global strategist at ADM Investor Services International, said in a note. headtopics.com
The American Petroleum Institute late Tuesday reported a 1.3 million barrel rise in U.S. crude-oil inventories last week, according to a source citing data. Official figures from the Energy Information Administration are due this morning.
Investors expect the Federal Reserve to leave rates unchanged when the central bank announces the outcome of its two-day policy meeting at 2 p.m. Eastern. The policy statement and Fed Chair Jerome Powell’s news conference will be closely watched for clues to how long rates are likely to remain elevated.Meanwhile, commodity analysts at Goldman Sachs said in a Wednesday note that the market for crude will continue to tighten, and backed up their forecast for Brent to hit $100 a barrel by June. headtopics.com
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