See More

Oil dips ahead of Fed meeting

Sep 11 2012 07:58

Related Articles

Oil dips over demand concerns

Oil gains on rising US vehicle sales

Oil rises on China, Europe stimulus hopes

Oil dips after Bernanke speech

Oil down as Fed stimulus hopes dim

Oil higher ahead of ECB meeting


Singapore - Oil prices slipped in Asian trade on Tuesday as sentiment took a hit after an unexpected decline in US consumer credit, analysts said.

New York's main contract, light sweet crude for delivery in October fell 29 cents to $96.25 a barrel and Brent North Sea crude for October delivery was seven cents lower at $114.74.

The US Federal Reserve reported consumer credit fell in July after 10 months of gains, raising concerns about confidence while unemployment remains high in the world's largest economy and oil consumer.

Investors are now focusing on a Fed policy meeting starting on Wednesday, with expectations high that it will announce a new round of stimulus measures to boost the struggling economy.

Analysts said the Fed could strengthen its declared commitment to its near-zero interest rate, easy-money stance, or possibly go as far as approving a third round of bond purchases known as quantitative easing.

"Some investors believe that more indications of an economic slowdown in the United States have increased the likelihood that the US Federal Reserve's two-day policy meeting ending on Thursday will result in a third round of bond buying," Phillip Futures said in a report.

*Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

commodities  |  markets  |  oil



Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Add your comment
Comment 0 characters remaining

Company Snapshot

We're talking about:


There are no formal training requirements for becoming a beautician in South Africa. But it is highly recommended you complete a course in beauty therapy.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

SA’s new visa regulations are:

Previous results · Suggest a vote