West Texas Intermediate crude oil futures on Wednesday were dropping amid questions about the status of economy-spurring stimulus measures in the world's largest consumer of the energy commodity, Bloomberg reports.
Political and labor trouble in two North African nations also impacted the price of crude oil futures. Libyan oil ports are slated to re-open following labor strife and Egypt continues working on controlling anti-government demonstrations as concerns focus on supplies shipped through Egypt's Suez Canal.
"A lot of money has come out of the market because of uncertainty over the Fed's stimulus policy, so expect to see range-bound trading," president Carl Larry with consultancy Oil Outlooks and Opinions in Houston told Reuters on Wednesday. "Egypt is on the boil, and if this thing spins out of control you'll have alarm bells going off among other producers in the region about a potential domino effect."
At 10:06 a.m. on Wednesday, WTI crude oil futures fell 0.26 percent, a 27-cent drop to $104.84 per barrel. At 10:05 a.m., Brent crude oil futures slid 0.2 percent, a 22-cent slump to $109.93 per barrel.
The past few years of stimulus programs have helped crude oil prices gain so investors are keeping a close eye on upcoming decisions by the central bank of the U.S., according to Reuters.
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