Crude Oil Falls Amid Fed Rate Decision


Crude oil prices eased in early Asia on Friday as investors took stock of the Federal Reserve decision to hold rates and comments on global economic weakness.

On the New York Mercantile Exchange, WTI crude for October delivery traded down 0.19% to $46.81 a barrel.

On Friday industry research group Baker Hughes (NYSE:NYSE:BHI) will release its latest estimates of the number of rigs drilling for oil in the U.S. It decreased by 10 last week to 652, the second straight weekly decline.

Overnight, U.S. crude futures closed slightly lower, in spite of modest increases late in the session after the Federal Reserve left its benchmark interest rate unchanged at near-zero levels on Thursday afternoon.

On the Intercontinental Exchange (ICE), Brent crude for November delivery wavered between $48.34 and $50.15, before closing at $49.19, down 0.56 or 1.12% on the day. The spread between the international and U.S. domestic benchmarks for crude stood at $2.22, below Wednesday’s level of $2.60 at the close of trading.

Leave a Reply

Your email address will not be published. Required fields are marked *