Wednesday, September 21, 2016

Fed meet: Today Oil prices up ahead of US stockpiles data

Oil prices up in Asia today as traders wait for the release of US energy stockpiles data and a US central bank decision on interest rates. 

During two years the first crude shipment from Libya had no immediate impact on prices a week before OPEC producers & Russia meeting in Algeria to discuss modes to stabilise prices.

At around 0240 GMT, the US benchmark West Texas Intermediary for November delivery, a new contract, was 77 cents high at USD 44.82 & Brent for November was up 59 cents at USD 46.47.
On Tuesday an oil tanker left the Libyan port of Ras Lanouf for Italy, in the first shipment for late 2014 when fighting erupted over control of the "oil crescent", an official said in Tripoli.

Most analysts, though, expect officials to keep borrowing costs at ongoing levels.
We expect the (policy board) to keep rates stable this meet, Singapore's United Overseas Bank said in a note.

Read More-  Crude Oil Updates