Oil recovers as market awaits Fed decision on monetary policy

Canadian Press, The Canadian Press
0 Comments| December 18, 2013


 
(The Canadian Press) TOKYO – The price of oil recouped slips earlier in the week as the market waited Wednesday to see what the U.S. Federal Reserve would decide on monetary policy.

Benchmark U.S. crude for January delivery gained 22 centres to US$97.44 a barrel on the New York Mercantile Exchange.
Depending on what the Fed does, the dollar could strengthen, making commodities priced in dollars more costly for overseas investors.

Natural gas stood at $4.30, while natural gas futures rose one cent, or 0.3%, to $4.30 per $1,000 cubic feet.

Markets are also monitoring fresh information on U.S. stockpiles of crude and refined products.

Data for the week ending Dec. 12 are expected to show a draw of four million barrels in crude oil stocks and a build of 1.4 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

Brent crude, a benchmark for international oils, dipped nine cents to $108.35 a barrel on the ICE Futures Exchange in London.


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