Oil Futures End Notably Higher Again

Trading 30 juil 2019 Donner votre avis

Crude oil futures rose sharply on Tuesday, as traders awaited the Federal Reserve's monetary policy statement and weekly crude inventory data.

The Fed is widely expected to cut interest rate by 25 basis points after its two-day monetary policy meeting concludes on Wednesday. The post meeting press meet of the central bank chief Jerome Powell is eagerly awaited as it is likely to provide an insight into the bank's outlook for future rate cuts.

On Monday, U.S. President Donald Trump said a small rate cut "is not enough" as the EU and China will further lower interest rates and pump money into their systems, making it much easier for their manufacturers to sell products.

Traders were also focusing on U.S.-China trade discussions.

West Texas Intermediate crude oil futures for September ended up $1.18, or about 2.1%, at $58.05 a barrel.

On Monday, WTI crude oil futures for September settled at $56.87 a barrel, up $0.67, or about 1.2%, from previous close.

The American Petroleum Institute is scheduled to release its weekly oil report later today.

The Energy Information Administration's official inventory data is due out at 10.30 AM ET Wednesday.

Forecasts are for a drop in U.S. oil inventories for a seventh straight week.

The material has been provided by InstaForex Company - www.instaforex.com

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